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Jonathan Dalton
ePro, SFR

Phoenix Short Sale Update

Phoenix Short Sale Update

I’m listening to yesterday’s roundtable with RE/MAX founder Dave Liniger, Laurie Maggiano from Treasury and Bank of America as I type. Consider this a stream of consciousness piece as we go …

Some of the details about HAFA (Home Affordable Foreclosure Alternative) had been discussed previously here and elsewhere but didn’t take effect until yesterday …

  • 10-day response period for short sales; if agents don’t receive an answer in that time frame, the agent can escalate to Treasury’s folks to make sure an answer is provided
  • Up to 6% payment to second lien holders – the folks who stand to gain absolutely nothing if a property forecloses
  • Program is voluntary although Treasury will provide “strong encouragement” to try and get loan servicers to participate
  • Borrowers can check for more information

To be perfectly honest, I’m starting to wear down a little bit on hearing that the lenders were innocents overwhelmed by the wave of short sales that were sent through. We’re awfully deep into this mess to still have that as an excuse …

Dave is talking about the Certified Distressed Property Expert program which, by all accounts, is an excellent program. It’s also pretty pricey for some of us who already have the rundown on what needs to be submitted …

Short Sale and Foreclosure Resource training through NAR. I completed that one myself at one-fourth the cost, even though I knew essentially all that was discussed during the class …

Bank of America’s on deck …

  • B of A is promising better communication … has to get better, as realized when I spent two-plus weeks trying to get a response from a negotiator
  • Equator … centralized place for agents to submit short sales to in theory receive quicker responses

That’s the highlights for now … I’m in the process of initiating a short sale on the cerntralized website. There’s a bit of duplication for now but I’m cautiously optimistic.

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