THE SOLUTIONS TO SHORT SALE PROBLEMS ARE COMING SOON——-MAYBE
The problems with short sales; the delays, lack of response from servicers, lost files, reduced commissions, confusion, lack of uniformity, etc., etc. will soon all be solved. Or at least the government says they will be. On May 14, 2009 the Treasury Department announced that it would soon release new short sale rules, policies and forms for all agency and federally regulated loans and all lenders and servicers partcipating in the HAMP program. This “Foreclosure Alternatives Program” (F.A.P.) would probably cover 75% of all short sale transactions. So we waited and waited, month after month. Finally, on September 9, 2009 the Treasury Department announced the release was imminent and that would take place by the end of September. So as I am writing this on October 9, 2009, I am beginning to think that maybe the government was a bit premature in announcing that it could easily solve the problems of short sales without really having any idea if any of its solutions would work in the real world. So, while we wait, over the next few days I’ll examine some of the ideas it announced it would implement for short sales, both the pros and the cons, so you will be ready to take advantage of them when they arrive. Stay tuned……………
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