New Short Sale Guidelines Encourage Sweeping Changes to Short Sale Process

[ciclismo]

This has been in the works for months and it was finally announced today. It is significant...but will not make an immediate impact. Does not go into effect until April 2010.

New Short Sale Guidelines Encourage Sweeping Changes to Short Sale Process

 

[scooterbug44]

I like that they can preapprove terms for a short sale, but some other things seem to just benefit realtors or the banks who made the dumb loan.

 

[ciclismo]

You must have missed these two:

1. $1,500 for the sellers relocation expenses
2. Most importantly FULLY released from future liability - no cash contribution, promissory notes or deficiency judgments.

 

[Here4Good]

This only applied to the seller's primary residence, and the seller must be insolvent. This is going to exclude a lot of properties in this area.

How about a ruling that says you can't list the property on the MLS for a price which you may not be able to accept?

 

[30ashopper]

Free money for the lenders that made the bad loans, free money to the borrowers who borrowed beyond their means, free money to the servicer who works out the deal, and free money to the guy who buys the distressed property from the bank. Sweet deals all around.

 

[SHELLY]

Free money for the lenders that made the bad loans, free money to the borrowers who borrowed beyond their means, free money to the servicer who works out the deal, and free money to the guy who buys the distressed property from the bank. Sweet deals all around.

Sweet deals indeed...what about the people the "free money" came from?

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[cooper]

Free money for the lenders that made the bad loans, free money to the borrowers who borrowed beyond their means, free money to the servicer who works out the deal, and free money to the guy who buys the distressed property from the bank. Sweet deals all around.

You hit the nail on the head.

I eat too much, smoke, drink, have dependents I can't financially provide for, sometimes engage in violent behavior, don't otherwise take care of any number of other issues, but I have a "right" to healthcare funded by others.

We have been/are/and continue to demand from our government solutions to problems that transfer responsibility to someone else. Sadly, someone else will end up owning our current assets and our future.

 

[scooterbug44]

Free money for the lenders that made the bad loans, free money to the borrowers who borrowed beyond their means, free money to the servicer who works out the deal, and free money to the guy who buys the distressed property from the bank. Sweet deals all around.

Sweet deals indeed...what about the people the "free money" came from?

That's my problem with it - we are spending more money we don't have to REWARD the people who screwed up our economy!!!

$1,500 for moving expenses? :angry:

IMO if you buy something you can't afford, and default on payment, there should be consequences, not checks coming your way!!!

Glad it only applies to primary residences, but it's still REWARDING bad behavior...................and those who enabled it in the first place!

 

[SHELLY]

That's my problem with it - we are spending more money we don't have to REWARD the people who screwed up our economy!!!

$1,500 for moving expenses? :angry:

IMO if you buy something you can't afford, and default on payment, there should be consequences, not checks coming your way!!!

Glad it only applies to primary residences, but it's still REWARDING bad behavior...................and those who enabled it in the first place!

...you're obvious not a member of "Generation Debt"--the kiddies born into the "everybody wins a trophy" era.

Start the countdown clock for the first news stories about people gaming the "$1500 moving expense" system.

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[gmarc]

Nobody wants to face the truth. The truth is what the gov't has done the past 12 months now insures were another japan with a stagant economy and stk mkt in the next 5-10 years or possibly even 20 years. all the gov't has done is drugged the disease and done nothing for a cure. they've thrown $12 trillion at this crisis and its stopped nothing. the tax increases in the years to come and the increase in interest rates to fund the deficit will strangle the nation. they should have allowed 1000's of banks and co's to go under and wiped out stock and bond investors and merged there remaining businesses into strong co's. instead we having a daily decling currency that is robbing the middle clss of there purchasing power. its called the silent stealer. the weak dollar will force huge inflation in the years to come as imports will soar in price as everything from oil to copper to corn to gold is priced in $'s which investors flock to to protect themsleves against a decling $.i hate to be so negative but the futures isn't looking for good due to what our leaders have done.IN THE END OUR LEADERS REFUSED TO TAKE THE SHORT TERM PAIN AND INSTEAD HAVE INSURED LONG TERM PAIN.