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I have been waiting to get more information on the new short sales changes April 2010. According to HAFA, Home Affordable Foreclosure Alternatives, the new Short Sale Process will be crucially important in 2010.
The Treasury department has released new rules to help simplify the “short sale” process, which isn’t “short” at all. For months, the real estate community has been preparing these new changes. The purpose of HAFA guidelines is much like other failed attempts at helping the real estate industry - one is to have less foreclosures in 2010 and two, get the real estate market back in the appreciation mode.
The key short sales changes appear to be the following:
- Mortgage servicers have 10 days to accept or deny a short sale request. After a sale is completed, the borrower could be completely released from debt.
- Borrowers are eligible to receive a $1,500 moving allowance, if they sell their home through a short sale.
- Mortgage servicers will receive $1,000 for each completed short sale.
- Investors who hold first mortgages can get as much as $1,000 for allowing second lienholders to release their liens.
- Second lienholders can get only as much as $3,000 in proceeds from short sale to release their liens.
- The property must be the homeowner’s principal residence.
- The homeowner is delinquent on the mortgage or default looks likely.
- The loan was made before Jan. 1 this year and is less than $729,750
- The borrowers’ total monthly mortgage payment exceeds 31 percent of their before-tax income.
The following changes only apply to banks that took TARP money (Troubled Asset Relief Program). Because they took TARP funds, the treasury will be requiring these banks to follow these new guidelines.
I will continue to update information on these short sale changes as they become more definite.
Should you have any questions, please do not hesitate to contact me at 631-831-9048. If you are behind on your mortgage and have questions about your options to avoid foreclosure, you can email me here.
(c) Copyright 2010 www.tommcgiveron.com
By Thomas McGiveron, LSA
29 comments ↓
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