the Future of Real Estate

Treasury hopes new rules send short sales to the rescue of underwater mortgages

By admin | Published: March 14, 2010

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.

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Counties pushed for revenue, get creative and Short sales could come to screeching halt!

By specialed | Published: January 11, 2010

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.