Short Sales May Go Faster

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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: Friday, December, 25th 2009 @ 09:52:00 AM
Views: 339

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