Comments on: Short Sale Relief: Fact or Fiction? http://www.biggerpockets.com/renewsblog/2009/10/06/short-sale-relief-fact-or-fiction-real-estate/ Learn, Network, Invest Sat, 11 Feb 2012 23:51:37 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Peter Giardinihttp://www.biggerpockets.com/renewsblog/2009/10/06/short-sale-relief-fact-or-fiction-real-estate/#comment-74041 Peter Giardini Fri, 09 Oct 2009 02:49:57 +0000 http://www.biggerpockets.com/renewsblog/?p=7557#comment-74041 Bernard,Great comments... it will be interesting to see how this part of our industry shakes out. Bernard,

Great comments… it will be interesting to see how this part of our industry shakes out.

]]> By: Bernardhttp://www.biggerpockets.com/renewsblog/2009/10/06/short-sale-relief-fact-or-fiction-real-estate/#comment-74026 Bernard Thu, 08 Oct 2009 18:15:16 +0000 http://www.biggerpockets.com/renewsblog/?p=7557#comment-74026 Great article! It is true that short sales are tricky. There are so many entities involved: seller, buyer, realtors, lien holder (maybe 2), and then the mortgage servicer.Servicers are not setup for dealing with short sale paperwork. Furthermore, they are heavily regulated by State Banking Agencies.One real problem is when the short sale offer is lower than the amount of the outstanding loan amount. And if there is a 1st and 2nd note - how are the funds divided up?It will be interesting to see how the Fed Govt attempts to streamline this process. After a lackluster loan modification campaign, the short sale effort is the next best thing to preempt foreclosures on single family homes that will certainly ruin household credit scores for years to come.As always, the Single Family Home Investor will continue to prevail by creatively finding ways to get homes in spite of overwhelming regulation and manipulative banks that continue to maintain a shadow inventory. Great article! It is true that short sales are tricky. There are so many entities involved: seller, buyer, realtors, lien holder (maybe 2), and then the mortgage servicer.

Servicers are not setup for dealing with short sale paperwork. Furthermore, they are heavily regulated by State Banking Agencies.

One real problem is when the short sale offer is lower than the amount of the outstanding loan amount. And if there is a 1st and 2nd note – how are the funds divided up?

It will be interesting to see how the Fed Govt attempts to streamline this process. After a lackluster loan modification campaign, the short sale effort is the next best thing to preempt foreclosures on single family homes that will certainly ruin household credit scores for years to come.

As always, the Single Family Home Investor will continue to prevail by creatively finding ways to get homes in spite of overwhelming regulation and manipulative banks that continue to maintain a shadow inventory.

]]> By: Peter Giardinihttp://www.biggerpockets.com/renewsblog/2009/10/06/short-sale-relief-fact-or-fiction-real-estate/#comment-73999 Peter Giardini Wed, 07 Oct 2009 19:29:36 +0000 http://www.biggerpockets.com/renewsblog/?p=7557#comment-73999 Tyler,We could argue and place blame all day long... the bottom line is this...When overwhelming greed at every level figures out how to manipipulate within the rules and regulations, disasters like the one we are living through are bound to happen. Tyler,

We could argue and place blame all day long… the bottom line is this…

When overwhelming greed at every level figures out how to manipipulate within the rules and regulations, disasters like the one we are living through are bound to happen.

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