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.
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
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 Columbia, SC - Columbia, SC
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
Realty Center - Orlando - Ocoee - Orlando, FL
REALTOR
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
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