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US Treasury plan help speed short sales

By
Real Estate Agent with RE/MAX Professionals

In a long line of attempts at helping this erratic real estate market, the US Treasury Dept unveiled a plan to speed up and encourage short sales for families facing foreclosure.  As real estate agents across the US know, short sales are a logical and less costly option to families facing foreclosure. 

An initial article from Rueter's outlines some points in the plan.

  • Mandatory time lines for lenders to respond
  • Financial incentives for completing short sales
  • Guidance caps the aggregate proceeds to subordinate lien holders at $3,000
  • Prohibits mortgage servicing companies from reducing real estate commissions on the sale

This maybe the start to increased efficiency in the short sale process across the many lenders flooded with short sale requests. 

Posted by

Joe Bourland, PC

RE/MAX Professionals

10320 W. McDowell Road, Ste. B2005

Avondale, AZ 85392

623-322-8588

www.JoeArizona.com

Comments (1)

Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

All I can say is...."it's about time!"

Dec 01, 2009 06:16 AM