US Treasury Sets Guidance to simplify Short Sales
Not sure if everyone saw this but Reuters had a big article yesterday on short sales.
http://www.reuters.com/article/bondsNews/idUSN3046464720091130
Some highlights:
1. Subordinate lien holders have a cap of $3000
2. Borrowers receive $1500 in relocation expenses
3. Incentives to the bank and to the investor
4. 10 day window to accept the short sale by the bank
5. The borrower must be fully released from the debt
6. Prohibits mortgage servicers from reducing agent commissions
What do you guys all think of this? I tried to find the actual legislation this morning but only found earlier HAMP information that pertained more to loan modifications for homeowners, not short sale scenarios. I'll look again later this morning.