New rules for short sales

February 19, 2011 Leave a Comment

Just when you think you have received good news with the announcedment of HAFA new rules such as: Lenders will have to respond within 30 days with a short sale agreement, 30 days to approve, and more flexability when dealing with second lien holders, and especially new rules forbid loan servicers from deducting vendor expenses from commissions paid to real estate agents. Then you read the very last paragraph and I quote”the rules does not apply to mortgages owned or guaranteed by Fannie Mae or Freddie Mac, or insured or guaranteed by a federal agency such as the Federal Housing Administration (FHA)” source Inman news Jan 10, 2011
OK what percentage of loans are left to come under the new rules, maybe 1%. What a waste of tax payers money even to have such a program that only a very few people benefit.

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About rhondagiles
Serving northern Colorado real estate needs for over 30 years. First time home buyers to investors. Single family homes, condos, townhomes and small country acreages. Specializing in short sales. Horseback riding, reading, camping, antiqueing are my interests.