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Looks like we won't be waiting FOREVER anymore to buy a Short Sale!
Good news! The Federal Government and the State Attorneys General have negotiated a deal with the Top 5 Loan Servicers (Bank of America Corportation, JP Morgan Chase & Co, Wells Fargo & Company, Citigroup, Inc & Ally Financial Inc -formerly GMAC) to speed up the Short Sale process!
This is wonderful news for buyers looking for a deal and sellers needing to make some changes in their financial lives. In the past it could take anywhere from 3 months to almost a year to get an acceptance or a rejection from the service provider. For a buyer, that means you are waiting for months on end before you even know if the service provider will accept your offer! And for the seller, the stress of wondering when, what and how can just be too much.  Now, both parties will know that there is an end in sight.
The new requirements are:
When the borrower (the seller of the home) requests a Short Sale Package, the Servicers must provide them with a decision within 30 days. Once in receipt of the Short Sale Package, the Servicer must notify the borrower if they are missing any required paperwork.  It's just my opinion, but ... more

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