short sale rules: New Short Sale Rules
- 04/01/10 03:42 PM
Short Sales are Looking Better New guidelines for new short-sale rulesThe new short-sale rulesWhat sellers can expect from participating lenders starting in April:The new short-sale rulesSellers must be unqualified for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.The bank will set an acceptable value of the home upfront, based on an appraisal or broker's price opinion.Lenders must approve or deny a purchase offer within 10 days of it being submitted.Once the bank approves a home for short sale, sellers may stop paying all related mortgage payments, and unpaid mortgage debt will be forgiven.These (1 comments)
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