Each and every week, there are things going on that impact how short sale agents do their jobs. Some weeks there are big changes to policies that impact short sale processing. Other weeks, there is news about government programs for distressed borrowers.
Here’s a recap of some of the interesting stuff that went on this past week in the distressed property arena:
New Short Sale Bill Address Problems with Second Lien Holders Because we have all seen to much success with short sale time frames improving after Fannie Mae and Freddie Mac changed there requirements (read: tongue in cheek), a Stockton California Representative brings forth another bill that should speed things up with the second lien holders. Do you think it will improve time frames?
Changes to HAMP Are Slow in Coming Reports show that not all servicers were able to embrace the changes to the HAMP program by the deadline of June 1. How will this impact folks doing loan modifications? Read the article to learn more.
What You Can Learn About Short Sales from the Magic 8-Ball The funny and irritating thing about short sales is that there are so many unknowns. Check out this comprehensive list of all of the not-so-concrete parts of the short sale transaction.
There’s lots going on in the distressed property arena. And, if you are actively working with ‘distressed’ borrowers, it’s important to keep up with all of the changes in the industry. Sometimes that’s hard (especially in the summer when you are thinking that a vacation might be good), which is why we’ve provided you with a weekly recap right here.