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Patricia Var…, Real Estate Pro in Ft Lauderdale, FL

Will the banks really comply with these New Short Sale Guidelines effectively?

Asked by Patricia Varley, Ft Lauderdale, FL Wed Sep 12, 2012

http://www.fhfa.gov/webfiles/24211/ShortSalesPRFactFinal.pdf

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5
Hello Patricia,

This is not the law, this is guidelines...
Their execution depends on the lender involved in a short sale.
They may or may not adapt them.

However, most lenders will go for these new rules because they make financial sense.
These rules allow to make the short sale process shorter - and that is good for the lender,
and for the borrower.

In any case, each situation has to look pretty compelling to the seasoned and "has seen it all" loss mitigator in the bank. Nowadays, credit reports are checked, overall picture is looked at, and the hardship letter should show real hardship as per guidelines. Also - there are audits of short sales.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
1 vote Thank Flag Link Sat Sep 15, 2012
Short sales definitely are getting better than three years ago. Of course, depends of the Bank, the experience of the negotiator that you have to work with and the speed of the seller to provide you with the paper work as soon as possible.

Sincerely,

Maria Cipollone

http://www.Flahomespecialist.com
1 vote Thank Flag Link Fri Sep 14, 2012
Great, Well yes. The Law is the Law.
0 votes Thank Flag Link Wed Sep 12, 2012
Yes and no. When you are in a short sale situation the bank assigns someone to look over the file, a negotiator. I've had negotiators close within the new guidelines and I've had negotiators take longer. When that happens I complain up the chain and get a new negotiator assigned. So... it depends.
0 votes Thank Flag Link Wed Sep 12, 2012
To the best of my knowledge and experience, YES ... I am getting SS approved within the time periods allowed and before ... 20 - 30 days at this time with the "big" lenders. If you know what to submit, hot to package it, the clients are TOTALLY COOPERATIVE with ALL their documentation in timely fashion they are getting done. Let me know how I can help you.
0 votes Thank Flag Link Wed Sep 12, 2012
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