Obama Administration to Standardize Short Sales

Real Estate Agent with Kristal Pooler & Associates. Coast & Country Properties Inc.

Under water homeowners may not qualify for a mortgage modification and the banks have been fairly stingy with modifications. An alternative to foreclosure is the short sale. Short sales have been a logistical nightmare and glacial in time of execution. Recognizing this, the Obama Administration is putting together a plan to make short sales more viable. This article in Banker and Tradesman outlines the proposed changes.

Comments (5)

Roy Kelley
Retired - Gaithersburg, MD

Thanks for sharing. It will be interesting to see if the lenders will accept the stated standards.

Dec 13, 2009 01:10 AM
Eldon Hendrix
Hendrix and sons Home Inspections - Holiday, FL

Very good article.  More than likely will be used more often in sales over the not so distant future.

Dec 13, 2009 01:16 AM
Epcon Communities Epcon Columbia
Epcon Columbia, SC - Columbia, SC

More goverment regulation.  Hmmmm.....  I guess I am a skeptic.  

Dec 13, 2009 01:19 AM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

The proof is in the puddin'.. . we have been hearing about this for the last 8 months

Dec 13, 2009 01:22 AM
Scott Taylor
Realty Center - Orlando - Ocoee - Orlando, FL

Thanks for posting this link. I'm so interested in learning more about this new fix. I love how you used the word "glacial" to describe short sales, still laughing!!

Dec 13, 2009 01:37 AM