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Non-Tech : Investing in Real Estate - Creative Opportunities
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To: John Vosilla who wrote (1010)9/26/2012 11:53:10 AM
From: Smart_Asset  Read Replies (1) of 2722
 
John,

Pretty amazing reading.

<< The FHFA said it was continuing to take steps to simplify the short sale process, and it had already directed servicers to respond to short sale offers within 30 days of receipt.>>


So we are 'only' five years into this mess and the FHFA is simplifying the process. Almost anyone, let's say most, on the selling side of real estate see short sale properties as poison. Between endless process times and insider deals that market is avoided by not showing short sale properties by the majority of agents.

<<The changes include giving Fannie and Freddie mortgage servicers the authority to approve short sales even if the borrower is not yet delinquent on mortgage payments. Will it mean that any underwater homeowner who wants to get out from under a mortgage can do so? No>>


Wow! BofA and Chase can now spend the taxpayer's money without oversight. Where can I apply.


<<Finally, the agency said servicers would waive the right to pursue deficiency judgments in exchange for an agreement that a borrower makes contributions toward the shortfall between the mortgage principal and the sale price. In many cases in Illinois, lenders already waive deficiency judgments.>>

I'm a little confused on that one. Are services waiving Fannie Mae's right to pursue or ...??


Interesting.
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