In an article published in the current March/April 2010 issue of California Real Estate Magazine, the Treasury Department announced that through their Home Affordable Foreclosure Alternatives Program (HAFA), it has issued modified rules of the short sale process to help homeowners. The process will be standardized nationwide with uniform documentation and costs and due to go into effect in April. Below are some important aspects of the process:1. Lenders are required to answer a request for a short sale within 10 business days of receiving the purchase offer.
2. Homeowners also get $1500 in cash as a "relocation incentive" to cover moving costs, deducted from the sale price.
3. Mortgage lenders, in turn, receive $1000 to help cover and speed up the process of the sale.
Reference:
This blog was paraphrase from an original article written by David Tremont, a freelance real estate writer.
Source:
You can read more of the original article at the link below:
http://www.car.org/newsstand/crem/current-issue/
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