Short Sale Rule Changes

Written by admin on 01 January 2010

New Short Sale Rules Speed Up the Process

courtyard

Financially stressed homeowners left hanging while their banks consider whether to approve the short sales of their properties may benefit from new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers.

The rules announced earlier this month from the U.S. Treasury, which also allow financial incentives for both sellers and lenders, could figure prominently in Florida’s housing market.

The effect of the new rules will likely be somewhat limited because only banks that owe the federal government TARP bailout funds must comply. And according to Balanoff, even when certain banks do push for faster short sales, there is so little consistency among mortgage negotiators that he doesn’t expect the new deadline measures to be applied or enforced evenly.

Read more about the short sales rules »

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