Click on the report above to see the new Guidelines to be implemented November 1, 2012. With the "Debt Relief" act hanging in the balance - due to expire December 31, 2012 - This new plan is sure to help a lot of Homeowners that are underwater.
We have watched as the short sale process has begun to speed up. However, not all banks are on board. The Major Players in the short sale game have, almost all, adjusted accordingly in the processing of their Short Sales.
Here are some highlights you will glean from the PDF above:
- Offer a streamlined short sale approach for borrowers most in need
- Enable servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales
- Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissory notes
- Offer special treatment for military personnel with Permanent Change of Station (PCS) orders
- Consolidate existing short sales programs into a single uniform program
- Provide servicers and borrowers clarity on processing a short sale when a foreclosure sale is pending
- Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale
In fact, the "Big 5" banks have all hired short sale negotiators, started short sale programs and developed short sale training programs for their short sale departments. It has been a blessing for our Short Sale Clients that have their mortgages with the Big 5.
Their focus and attention to the short sales does not however negate the responsibility of the Short Sale agent from doing their best job. Forms need to be reviewed, uploaded and refreshed on a timely basis. It also helps when the Short Sale agents are 100% committed to the successful negotiation of their Sellers Short Sales.
If you are interested in having your short sale negotiated by a Responsible Realtor - Please reach out. In fact, make sure those you are hiring have systems in place, within their very own team, to work on your short sale 24/7/365. Be safe and remember, when short selling, use local Short Sale Experts - this action could mean the difference between having your short sale successfully closed and being thrown under the bus.