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New Short Sale Rules Start April 5th, 2010
Thursday, March 18th, 2010 at 10:22am. 1050 Views, 0 Comments.
New Short Sales Rules
New Treasury Department rules geared towards expediting short sales will go into effect April 5th. Incentive payments included in the Home Affordable Foreclosure Alternatives Program are designed to help offset the financial burden banks experience when they approve a sale for less than they are owed on a home loan and wide sweeping changes are included to speed up the entire short sale approval process and make it more tolerable for all of those involved.
Some of the new Short Sale Rules Include:
· The seller must first be unqualified for a loan modification under the Home Affordable Mortgage Program.
· The bank is supposed to set an acceptable home value upfront . This will be determined by a third party…