New short-sale program offers relief for underwater homeowners

One of the federal government’s most-important financial relief efforts for underwater homeowners started operating Nov. 1.  Traditionally short sales, where the lender agrees to accept less than the full amount owed and the house is sold to a new purchaser at a discounted price, are associated with extended periods of delinquency by the original owner. …

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What Happened to the Government’s Short Sales Program?

The Wall Street Journal posted the following article by WSJ’s reporter Nick Timiraos concerning the Home Affordable Foreclosure Alternatives short sale program: In April, the Obama administration formally rolled out a new program, called Home Affordable Foreclosure Alternatives, that was designed to spur more short sales, where banks allow homeowners to sell their homes for …

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New York Courts First to Institute New Foreclosure Filing Requirement

The New York state court system has instituted a new filing requirement in residential foreclosure cases that officials say will “protect the integrity of the foreclosure process and prevent wrongful foreclosures.” Lenders’ counsel are now required to file an affirmation with the court certifying that they have reviewed and verified the accuracy of documents filed …

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New California Laws for 2011

New California Laws for 2011 The recent end of the 2009-10 legislative session has brought the end of short sale deficiency judgments for first loans, and other new laws affecting Realtors and their clients.  To view the full text of the following bills, go to www.leginfo.ca.gov. No Short Sale Deficiencies: Starting January 1, 2011, a …

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