Archive for March, 2012

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Short Sales Get Shorter: New Deadlines to go into Effect

March 16, 2012

As part of a settlement with state attorneys general, the five largest mortgage servicers are adopting new requirements for short sales, which is expected to speed-up what has been known as a lengthy process.

Here are some of the new requirements for servicers under the settlement:

·     1.   Servicers must provide borrowers with a decision within 30 days after receiving a short sale package request.

·      2.  Servicers will be required to notify a borrower, also within 30 days, if any necessary documents are missing to process the short sale request.

·      3. Servicers must notify a borrower immediately if a deficiency payment is needed to approve the short sale. They also must provide an estimated amount for the deficiency payment needed for the short sale.

·      4.  Servicers are also required to form an internal group to review all short sale requests.

·     5.    Banks will be considered in violation of the settlement requirements if they take longer than 30 days on more than 10 percent of the short sale requests.
Violations can carry fines of up to $1 million and $5 million for repeat offenses.

“If a real estate broker can get a checklist from the bank detailing what documentation is needed, everything can be provided up front, and the bank will be required to give a thumbs-up or a thumbs-down within 30 days,” short sale specialist Chris Hanson with the Hanson Law Firm told HousingWire. “That’s not a bad deal.”

Source: Realtor Magazine

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Think outside the box – window boxes!

March 6, 2012

This photo was taken during a trip to Germany and represents the lovely practice of having window boxes adorning most homes. As we approach Spring in Florida…it is a great time to think about “sprucing” up your home and adding a touch of color. Why not think outside the box and put some window boxes on your home…