Help is on the Way
Homeowners who are underwater with their mortgage may find that relief is on the way from a bill strongly supported by the National Association of Realtors (NAR) that would impose a deadline on lenders to respond to short-sale requests. The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010"
The number of potential short sale properties is rising across the country. According to NAR data, in the second quarter of 2010, Nevada, has approixmately 32 % of property on the market are listed as short sales.
Unfortunately potential homebuyers are walking away from purchasing a short sale property because the lenders are taking many months to responded to their request for an approval of a proposed short sale price. In most cases lenders are exceeding 90 days, and in many cases never respond to a buyer request to purchase.
Oh My: foreclosures really down?
Everyone has seen the headlines from every news source that state new records for bank repossessions. In some of the news reporting there is menation that Notices of Defaults (NOD's) are down 30 percent from a year ago. NOD's are the first stage in the foreclosure process. So is the system is improving? No it is not! The number is down only because banks are not sending out NOD's to borrowers who are seriously delinquent. This is just dragging the process out over a lenghtly period of time.
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