Recently the Treasury issued a new rule requiring lenders to respond to short sale offers within 10 business days.
Effective April 5th of this year, the rule applies to the 83 loan servicers participating in the President's Home Affordable Modification Program. These include Bank of America, Wells Fargo and JP Morgan Chase. The hope though, is that the lending industry as a whole, including Fannie and Freddie, will adopt this 10 day rule for ALL short sale offers.
The rule also makes up to $1,500 available to the seller for moving expenses and appears to release the borrower from further liability.
Spread the word agents.... short sales may not continue to be time gustling headaches anymore!
Source: John Adams, Atlanta Journal Constitution, January 2010.
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