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Short Sales May Go Faster

Real Estate News

New Short Sale Rules from U.S. Treasury are intended to speed the short sale process.  Unfortunately, the new rules are not effective until 4/5/10 but lenders are encouraged to use them now.

The new rules do not lessen the paperwork needed but provide more financial incentives to lenders and servicers.

For more information:

Supplemental Direction 09-09: https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

 Some interesting points:

• An agreement that upon successful closing of a short sale acceptable to the servicer the borrower will be entitled to a relocation incentive of $1,500, which will be deducted from
  the gross sale proceeds at closing.
• Either a list price approved by the servicer or the acceptable sale proceeds, expressed as a net amount after subtracting allowable costs that the servicer will accept from the transaction.

 

Date: 2009-12-25 09:52:00
Views: 359

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