HAFA is of course a government-related program, so these things take forever to get off the ground. Just look at the HAMP program. We’ve only started seeing halfway decent monthly numbers on it in the last few months and it was created long before HAFA.

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A HUD spokesperson described the curtailment as “painful cuts” and said they “would not have been made in better circumstances.”

In many cases, local housing counseling agencies – approved and funded in part by HUD – are the only source of help for distressed homeowners.

The federal agency, state housing associations, and even some lawmakers themselves have touted such HUD-approved counselors as the go-to source for homeowners struggling to make their mortgage payments.

Their services are free and organizations working to educate borrowers about foreclosure relief scams position HUD-approved counselors as their strongest defense.

Approximately 2,000 of the 2,700 agencies in the housing counseling program receive grant funding either directly or indirectly. Most also receive training assistance through the program. Each housing organization in the program averages about three to four counselors per agency.

Over the past two years, HUD-approved housing counselors have helped more than 4 million families struggling to keep their home, according to the federal agency.

Those within the industry contend that the HUD funding provides much-needed assistance to struggling homeowners and that families across the country — and the housing recovery — could be severely impacted by its elimination.

According to a statement from a group of civil rights and advocacy organizations, including the National Council of La Raza, nonprofits providing these free, HUD-approved services will be forced to lay off skilled housing counseling staff and shut down counseling centers across the nation at a time when our housing crisis is at its peak.

Commenting on the funding cut, Faith Schwartz, executive director of HOPE NOW, said, “Housing counseling dollars remain critical to homeowners at risk…Housing counselors have a proven track record of success with regard to pre-purchase and foreclosure prevention counseling. Eliminating an important source of funding is concerning as industry and non-profit counselors have been working together to keep people in their homes.”

With HAMP, HAFA, and now grant money going away, the private sector is going to need to step up even more to address this housing crisis.

The third-quarter underwater number rose from 22.5 percent in the second quarter and is the highest it’s been since Zillow began tracking negative equity in 2009. The subtle hints of stabilization in home values that started emerging earlier in the year began to wane last quarter.

With home values nationally 25 percent below their June 2006 peak, the current housing downturn is approaching Great Depression-era declines, when home values fell 25.9 percent in five years (between 1929 and 1933), Zillow pointed out in its report.

Home values fell from the second to the third quarter in 77 percent of markets covered in Zillow’s study. In five of those markets – the California metropolitan areas of Los Angeles, San Diego, San Francisco, San Jose, and Ventura – home values began to drop again after five consecutive quarters of increases.

Additionally, more than one-quarter (27.3 percent) of homes sold in September were sold for a loss, marking a near-peak level, Zillow reports. The peak was hit in February 2010, when 27.7 percent of homes sold went for a loss.

Part II – Michael Corradini

Part III – Michael introduces Panel Members and talks with Tony Constable

Part IV – Panel member Michael Shields

Part V – Panel member Faby Gonzalez

Part VI – Panel member Jim Abbott

Part VII – Short Sale Pros Broker of Record and Real Estate Attorney Spencer Lugash

Part VIII – Spencer Lugash continued..

Part IX – Jim Abbott speaks about Abbott Realty Group going exclusive with Short Sale Pros!

Part X – Guest speaker Greg Reid, Author of 3 Feet from Gold

Part XI – Greg Reid continued..

Part XII – Closing remarks – Meet the Company

You will have the opportunity to meet the entire Short Sale Pros team and get to know everyone behind the scenes who are dedicated to making sure you and your homeowners have a successful short sale!

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The latest performance report shows that nearly half of the homeowners approved for trial modifications have fallen out of the program. As of the end of July, 616,839 HAMP trials have been canceled, out of the 1,307,489 trials started since the program began.

The government and “distressed” homeowners are seeing Short Sales more and more as a viable option. Statistics like these released Friday compliment our feelings that the free market and capitalism will ultimately provide the solution to this unprecedented market correction.