We've all heard the old saying that hope springs eternal right? Well this Spring there's an answer coming to our eternal hope. That's right folks short sales are gonna get easier and HAFA is going to make a huge difference. Florida short sales have been on the rise for some time and there really hasn't been any good news in sight for some time right? You get a short sale listing and of course you main objective is to save the homeowner from from foreclosure but the biggest challenge has been dealing with the banks. Slow response times, botched BPO's, files lost or never received and of course months and months of agonizing waiting.
One would think that if you were working with the biggest Bank in America you would stand a chance of at least getting your short sale approved in a timely fashion right? Ya and the Easter Bunny is for real too I suppose. Well now things are about to change as of April 5, 2010 according to the new HAFA guidleines, banks are going to have to step up their approval process and get these short sale approved in a timely manner. I for one am looking forward to this change and I embrace it to the fullest.
Some of the highlights are the response times that banks will be required to adhere to. If the seller's mortgage meets certain qualifiers they could qualify for relocation expenses of up to $1,500 and the bank would have 10 days to accept or deny a short sale request. More info can be found at FloridaShortSales911.com
Short sales don't have to be a pain anymore and thank goodness for that!
Gregory K. Thomas
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