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Treasury releases new rules, simplifying the short sale process

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.

Aaron Vaughn 830-358-0455
Conifer Builders LLC - Canyon Lake, TX

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
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate


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

Dec 03, 2009 09:51 AM
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