•As part of the Making Home Affordable program, which helps troubled homeowners refinance or modify their mortgages, the federal government has also issued new regulations concerning short sales. For homeowners who do not qualify for refinancing or loan modification, short sale allows them to sell their home back to the lender for less than what is owed. Effective in April 2010, the new regulations are intended to aid both lenders and borrowers in streamlining the short sale process.
•To qualify for help under the new short sale rules, homeowners must meet specific criteria. Their home must be their primary residence, their first mortgage must be less than $729,750, the origination date of the loan must be prior to January 1, 2009, and there must be a documented financial hardship or inability to pay.
•Lenders may receive up to $1,000 in incentive compensation for completing a short sale in a timely manner. Borrowers may be eligible to receive $1,500 in incentive compensation.
•The new regulations apply only to those lenders who are subject to oversight by the federal government, meaning that banks with a local or state charter are exempt.
•Under the new program, the federal government will create standardized short sale documentation to be used across the industry in order to create uniformity and reduce confusion.
•The lender is responsible for establishing the value of the property in question as well as pre-approve the borrower for an estimated acceptable short sale amount.
•Lenders must now approve or disapprove a short sale request within ten days and the borrower must be released from all obligation to the debt upon approval.
•The borrower is allowed a minimum of 90 days and a maximum of one year to attempt to market and sell the home through a licensed broker. During this period, no foreclosure sale can take place. Lenders may require that the borrower agree to a deed-in-lieu if the property does not sell within the specified time frame.
•Lenders are prohibited from requesting a reduction in commission after an offer has been made and the borrower may not be charged any fee for participating in the program.
•Applications will be accepted for the program until December 31, 2012.
GA Short Sale TEAM…Call Roland Lorans 770-866-2561
KW- Atlanta Partners
TestimonialsHi Roland - I finally closed on my old damaged property today with Joel Williams. I can't thank you enough for all your help and for putting me in touch with Lisa Mitchell. She is an amazing woman and was determined to get the short sale done for me and would not let me give up, week after week, month after month. It's finally over and I can move on with my life, thanks so much Roland, my prayers truly have been answered!! Dionne Bradley
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