Somewhat buried in the Attorneys General Foreclosure Settlement announced February 9th is a part on simplifying the short sale process. Some of the requirements are already used by some lenders, but standardization and disclosure of the procedures is a new concept.
The "rule" which is found by fishing around www.nationalforeclosuresettlement.com, says:
Banks/servicers shall make information publicly available on short sale requirements.
Banks/servicers shall develop a short sale process that allows homeowners to obtain a short sale evaluation before putting the home on the market.
Banks/servicers shall confirm in writing that a request for short sale has been received.
The confirmation of receipt shall include information on the banks’/servicers’ short sale process. The bank shall send the homeowner written notice of any missing documents.
Banks/servicers must give notice of any missing documents within 30 days.
This could be good news to those that process short sale applications for underwater sellers and for real estate agents. The knowledge beforehand of valuation requirements can save a lot of time and wasted submittal of undervalued contracts.
Stay tuned for more information!
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Copyright 2012 Richard P. Zaretsky, Esq.
Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader. Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com Website www.Florida-Counsel.com.
See our easy to understand articles at:
TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES
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