In a short sale, a homeowner sells the property for its current market value, which is less than what’s owed on the mortgage, and the lender agrees to accept the lower amount. The new rules that offer participating lenders cash incentives to get them to approve more short-sale deals also allow them only 10 days to approve or reject short-sale purchase offers, said Treasury spokeswoman Meg Reilly.
government bailout
Treasury hopes new rules send short sales to the rescue of underwater mortgages
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Counties pushed for revenue, get creative and Short sales could come to screeching halt!
The position the County has taken has caused some grave confusion and concerns for many in the real estate industry because it is contrary to how short sale transactions have been charged recordation and transfer taxes to date.
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FHA May Be Changing the Rules and trying to close down more fraudulent lenders.
The Federal Housing Administration is proposing to increase the up-front cash paid by borrowers as part of an effort to shore up the agency’s finances, which have been staggered by rising defaults in its flagship mortgage insurance program, according to FHA officials. The changes also include raising minimum credit scores for borrowers who receive FHA-backed … Continue reading FHA May Be Changing the Rules and trying to close down more fraudulent lenders.
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