Treasury releases new rules, simplifying the short sale process

By
Real Estate Agent with Long Realty Company

The Treasury Department has just released new rules to help simplify the 'short sale' process.
Visit https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf to view the full article.

This is a 43 page document that details what and how.  The Supplemental Directive 09-09, "Help For America's Homeowners" provides agents with insight on how servicers are being instructed to heave to and help, not just profit from keeping short sales in the system.

The emphasis seems to be on turning the corner on short sales and preventing them from becoming foreclosures.

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Topic:
Real Estate Market Trends
Location:
Arizona
Tags:
treasury
foreclosure
short sales
home sales
hud

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Rainmaker
359,256
Aaron Vaughn, REALTORĀ© 512-845-4204
eXp Realty - Canyon Lake, TX
My knowledge is your power | eXp Realty

Any idea on when this all takes effect? Does a law need to be passed? Are they rules, or just guidelines?

Dec 03, 2009 09:07 AM #1
Rainmaker
223,489
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Mark,

Something to keep in mind, only lenders participating in the program have to adhere to these guidelines. 

Dec 03, 2009 09:51 AM #2
Rainer
7,217
Mark Finchem
Long Realty Company - Oro Valley, AZ

These are RULES.  The plan afoot seems to be to compel servicers and lenders to comply.

Dec 03, 2009 11:16 PM #3
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Rainer
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Mark Finchem

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