Dear friends,
If you know anyone who may need to do a short sale on an owner-occupied house,
please have them contact me. The federal government has a new program
starting April 5, 2010 that should speed up the process and remove some of the shortcomings of the past. This program works best when there is one mortgage or where the second is with the same lender/servicer.
More info is available at:
http://www.realtor.org/government_affairs/short_sales_hafa
Feel free to Call House with any questions - 702-285-4226
It is hoped that this program will improve the short sale success record which remains poor. As of today, MLS reports 11824 short sales either for sale or in contract. In the past 30 days (1/23 to 2/23/2010) 541 actually closed. That amounts to 4.58 percent! Still not good.
The reason may be that when a short sale closed, the SERVICER takes the loss. Under the new HAFA program, the LENDER takes the loss, as I understand it. That may change things.
We are now certified with Bank of America's Equator program (The Great Seal is attached to this blog)and are
becoming well versed with short sales in general and Hafa in particular.
I look forward to hearing from you.
We appreciate your referrals.
Truly,
Grant
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