OfflineHey everyone,
I just saw this today. It's not very long, but it is definitely interesting, especially for the short salers in the family.
Vincent
http://www.realtor.org/rmodaily.nsf/pages/News2010030803
Federal Program to Encourage Short Sales
Beginning April 5, the Obama administration will encourage delinquent borrowers to avoid foreclosure and instead give up their homes in short sales by streamlining the process.
The program will offer a cash payment to the home owner, as well as to the servicer and second-lien holder; and protect borrowers from future lender lawsuits for the unpaid mortgage balance.
To curtail fraud, lenders will have to consult real estate practitioners to assess home value and minimum acceptable offer; they then must accept any offer that is equal to or higher than that.
Source: The New York Times, David Streitfeld (03/08/10)
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53
I don't see an issue with it. Makes the process alot faster to get from under the headache, though it does leave banks with a debt that can't be repayed in full.
I'm sure those in trouble will like this
*SHORT SALE* 2 Family, 5br's, 3baths, garage, yard, full finished BSMT - $459,000
he wants me to make an offer but im kina lost...please someone help me...or have some advise on where to take the next step
thank you...
tony
A.Clarke ...
I thought I would pass on this link to the details of how this is changing for those who are selling proeprties on Short Sales
https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf
Here is an article I recently came across from a colleague who has done a lot of research in this area. He has a strong opinion about this whoel change for the seller.....take it with a grain of salt, but I think it offers a great synopsis of some of the flaws in teh program for seller of short sales
http://activerain.com/blogsview/1501868/-why-hafa-is-not-good-for-seller...
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Elix,
No, I didn't find a problem with it either, I'm just passing it on because I'm not going to be getting into short sales right now.
Vincent
"He who is mighty has done great things for me...He has...exalted those of humble estate; he has filled the hungry with good things..." Matt. 1:49-53