Again, we are seeing our Banks and Lenders react to the market and embrace the “Short Sales” as a way to move distressed property with less damage to communities and with a better profit retention back to their institution’s bottom line. We also have a government that is getting more aggressive about incentivizing lenders to do these short sales, in the latest HAFA program update we now have, “Under the new Home Affordable Foreclosure Alternatives program, borrowers will earn a $3,000 "relocation incentive" and servicers will get $1,500 for handling a short sale.
The investors who actually own the mortgage notes will get $2,000 in exchange for sharing proceeds of the short sales with any second-lien holders. And, finally, those second lien holders will receive up to $6,000 for releasing their claims.”
There is no doubt that we will see more of this encouraged support of the Short Sale process, which should make for a very robust Resale Market in 2010!!!
Steve de Laveaga
SVP of Sales and Marketing
Fidelity National Title
480-214-4500
steve.delaveaga@fnf.com
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