The U.S. Treasury has released long-awaited guidelines with incentives for loan servicers and homeowners to engage in short sales. These guidelines were originally announced in May but were delayed due to legal and politic issues. This means that we will see more short sales and fewer foreclosures. Here are some highlights of the new program: Troubled borrowers interested in exploring a short sale will also be allowed to receive pre-approved short-sale terms prior to the property listing. The mortgage servicer must respond "yes or no" to the short sale request within 10 business days. Upon a successful sale, servicers … (2 comments)
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