Short Sale Guidelines

NEW SHORT SALE GUIDELINES FROM THE US TREASURY

The U.S. Treasury Department announced its long-awaited guidelines to streamline Short Sales on Nov. 30. The Home Affordable Foreclosure Alternatives program (HAFA), part of the Home Affordable Modification Program (HAMP), provides financial incentives and simplifies Short Sales procedures by setting limits on the time it takes lenders to respond, freeing borrowers from debt and capping claims of subordinate lenders. Here are some of the program's key points :

  • Lenders must respond to Short Sale requests within 10 business days of receipt of the offer package.
  • The seller will be released from all liability for repayment of the primary mortgage debt.
  • Subsequently, the seller is entitled to a relocation incentive of $1,500, which will be deducted from the gross sale proceeds at closing.
  • The lender will be paid $1,000 to cover administrative and processing costs for a Short Sale or a deed-in-lieu.
  • The property must be listed with a licensed real estate professional who does regular business in the community where the property is located.

All Agents at RE/MAX Eagle's Nest have experience and certifications in handling distressed properties which includes Short Sales.  If you have questions regarding Short Sales give us a call.



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