FASTER SHORT SALE TIME LINES INCLUDED IN FORECLOSURE SETTLEMENT for 5 major loan servicers: Bank of America Corporation, J.P. Morgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc.
Under the terms of the Mortgage Serving Agreement filed in Federal Court on March 12, 2012 stricter SHORT SALE TIMELINES will need to be adhered to by the Loan Servicers above.
The SHORT SALE TIMELINES for these Loan Service providers will be similar to the standards in the Home Affordable Foreclosure Alternative, HARP program, implemented in 2010. Penalties will be in place for Servicers repeatedly failing to meet SHORT SALE TIME LINES.
HousingWire lists these standards iin it's article AG SETTLEMENT STARTS THE CLOCK ON SHORT SALES by Jon Prior.
If Homeowners, Real Estate Agents and Loan Servicers work together to complete appropriate sales, documentation and transactions the SHORT SALE TIME LINE will be reduced. Hopefully Homeowners will be able to move forward with their lives with a fresh start. Buyers will be more willing to consider buying a SHORT SALE if they know they will not have to wait months and months for a response from a Lender. This would result in a positive impact on the Housing Market and the economy.
I hope this information concerning FASTER SHORT SALE TIME LINES INCLUDED IN FORECLOSURE SETTLEMENT, along with the links, has been helpful to you.
I am Margaret C. Taylor Century 21 New Millennium REALTOR® sharing information in St Mary's MD.
I am qualified to help YOU buy or sell your home, or real estate investment. YOU need a Buyer’s Agent, or Listing Agent, to represent YOU.
I am certified with the SFR, Short Sale and Foreclosure Resource Certification, from the National Association of Realtors and CDRS, Certified Default Resolution Specialist Certification, from America's Home Rescue.
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This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.
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