Everyone who has heard the nightmare scenarios about how long it takes to close on a short sale, and avoided them, can take heart in the new guidelines set by the Treasury for the Home Affordable Foreclosure Alternatives Program. Participating banks (and there are plenty of incentives for them to participate) are now required to give a response to an offer within 10 days.
For more info about this boon for home buyers, and the incentives for distressed home owners and lenders alike, I recommend the Treasury Department guidelines: Introduction of Home Affordable Foreclosure Alternatives (PDF).
Home owners, if the economy or circumstance has put you at risk of foreclosure, read the article! Read my posts for Mar 12 and May 24 as well. Don't risk foreclosure! A short sale may not be the miracle you might pray for, but it's a good bit better than the alternative.
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1 comment:
Yes i agree with you that there is a lot of ways for owners to buy a new house with the bank loan but normally people do not have enough knowledge about it.
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