It is really very exciting that things are going to be better for those people who are in trouble...owing more on their houses than the home is worth. The Obama administration released its long-awaited guidelines for simplifying short sales. Some of the highlights are:
-Eligibility information collected for loan modification programs can be used for short-sale qualification (paperwork once instead of over and over)
-Borrower can receive pre-approved short sale terms prior to the property listing.
-Servicer cannot reduce real estate commissions as part of the approval of the short sale.
-Requires that borrowers be fully released from future liability for the debt. (THIS IS A BIGGIE!)
-Provides finanacial incentives to borrowers, servicers, and investors. Part of this will be some "moving cash" for the sellers of the home.
-Gives a time limit of 10 days to servicers to approve short sales. These have been taking months.
Apparently this is a very complex piece of legislation...but what would you expect for something that is going to simplify things? :-)
I recently received my SFR certification: Short Sale and Foreclosure Resource certification. We've been waiting for these guidelines for a long time and they will really help homeowners. Not in effect til April but things should improve between now and then with these guidelines looming.
Please call me for more information: 630-577-7837. If there is someone you know in the situation where they are facing losing their house, please have them reach out for help. Many people do not even know about all the alternatives available to them, and that is what I am trained to do...HELP THEM.
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