Taking effect on April 5, the new short sale program will streamline and standardize the short sale process to make it much easier on the borrower and much easier on the lender to arrange a short sale. Under this program, the servicing bank will get $1,000. If there is a second loan that lender will also get $1,000. Lastly, distressed homeowners will get $1,500 in relocation assistance.
Under this program, lenders will use real estate agents to determine the value of a home and thus the minimum to accept. Sadly, this figure will not be shared with the owner, but if an offer comes in that is equal to or higher than this amount, the lender must take it.
For the complete story on the latest rescue plan, click here to see the New York Times story.
I am taking a wait and see approach on this latest program, as so far the government programs have really done nothing to help people facing foreclosure.
----------------------------------------------------------------------------Matthew E. Mazur, Jr., Esq. Representing individuals and families in Miami-Dade County, Florida
in foreclosure, bankruptcy, and debt relief matters.
For Free information on Bankruptcy visit http://www.miami-florida-bankruptcy-attorney.com
For Free information on Foreclosure Defense visit http://www.floridaforeclosuredefenseattorney.com
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