New Short Sale Guidelines Coming in April 2010!
Posted by Lee Graham on
Wednesday, December 9th, 2009 at 9:09am.
For homeowners who are delinquent on their mortgages (primary residence only) or who are in danger of defaulting, the Short Sale has become a popular alternative to foreclosure. With these new guidelines, the process will now be faster and less confusing for everyone. Here’s the basics: · Short sale requests must be either approved or disapproved within 10 days. There’s also going to be less paperwork involved when making the request.· Pre-approved short sale terms are given by the lender before the property is listed, including the minimum net proceeds required by the mortgage lender.· Loan servicers will no longer be allowed to force a reduction in the commission earned by real estate. Commission amounts agreed to in the listing agreement will remain constant regardless of the final sale price.· $1500 relocation assistance incentives will be available to the homeowner to help defray moving expenses. Also, the homeowner will be fully released from future liability for the first mortgage debt.· $1000 incentives will be available to the mortgage lenders for every completed short sale transaction.
Have more questions about the new guidelines? Contact us…we’re here to help!
Leave a Comment
Print
Share