How Does Obamas Short Sale Incentives Work To The Advantage Of Selling My House Quickly

Well, these short sale incentives can help U.S. families facing foreclosure which can a big part of the future economic recovery for our housing crisis. As we all know, an empty house is the worse kind of house there is. An empty house creates problems for the community and the need for repairs increase due to the lack of attention by an owner. We see more crime and junkers lining the streets that could otherwise provide a place of comfort for people in need. We commonly see 2-5 junkers or more in every neighborhood in America.

A quicker short sale timeline will help U.S. homeowners get out from under the weight of foreclosure by essentially releasing the homeowner from his or her mortgage debt. Under terms of the HAFA rules, the short sale buyer may be paid a maximum of $1,000 for allowing lien holders to be paid from the proceeds of a short sale.

The new rules will hopefully take effect in April, and may possibly end sometime around December 2011. Any new rules that make it easier for a lender to provide homeowners with a short sale option instead of a foreclosure is a step in a positive direction. Homeowners should approve, as likely will lenders and lien holders.

In the near future the Obama administration's has a new streamlining plan is requiring lenders and service providers to use uniform documentation, pre-approved short-sale terms and accelerated turn around times resulting in less stress for everyone.

Here is the list of benefits that are on the way:
* Homeowners who successfully complete a short sale under the program receive $1,500 to assist in relocation costs.
* Mortgage Lenders can receive $1,000 per case.
* Investors get $1,000.
* Second-lien holders receive up to $3,000 from the sale proceeds.
The real estate agents no longer have to be upset with the banks who were trying to force them to take less money on a short sale transaction. They were being cut short for being asked to do more work. Now the rules prohibit banks from forcing them to cut their commissions from the listing agreement as part of the final deal.Sounds like better method that will help for encouraging a lot more short sales, right?

Know that the jury will be out on that for months, and most major lenders are still studying the fine print of the Obama program. But early reactions from big banks appear to be positive.
Dave Sunlin, a senior vice president for Bank of America Corp., said: "We're very pleased. We welcome any effort to reach standardization for all parties" involved in short sales.

In closing, homeowners should know that there is NO fee for a short sale program to work. Homeowners will be forgiven completely by the lender on the debt they owe, and the creditors will look upon you as taking a responsible course of action, instead of walking away and leaving your problem with somebody else.

Feel free to call our office toll free at 888-877-9824 for a free consutation.

Renee Dumont - Short sale and Loan modification specialist
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