Short Sales Streamlined Sumary

Finally the Treasury is about to roll out some real homeowner help. Going to Foreclosure is not the solution. Finaly a program that can benefit all parties-homeowenr, bank and second lien holders-if deftly handled.

If that pivotal first lient holder, the bank can be convinced they will net more dollars by a short sale, your credit will suffer far less damage. Is your bank stalling on renegotiating your mortgage, get some help with someone who can present the facts to the bank. Hiding from the bank notices seems to be the route so many distressed homeowners take. Even if you have an equity line of credit on top of the mortgage, both can be negotiated. Armed with the facts on realistic neighborhood prices, details on comparalble homes reently sold and local price trends, a really good real estate agent can present a homeowner's case to the reo division of your bank.

Yes we are in the holiday season, but there is so much pent up investment money looking for "good deals"
I have people answer my notice on the Realtor.com web site all the time from different countries, different states.

For a deal to work it has to benefit all parties. Look for a realtor with the new National Association of Realtors official designation, "Resource in Foreclosure and Short Sales". Very few realtors have this designation because it is new.

Here is a summary of the new Short Sale streamlining plan to roll out in 2010:

• Requires lenders and servicers to use uniform documentation, pre-approved short-sale terms and accelerated turnaround times
• Financial incentives for key players:
Homeowners who successfully complete a short sale under the program receive $1,500 to defray relocation costs.
Mortgage servicers can receive $1,000 per case.
Investors get $1,000.
Second-lien holders receive up to $3,000 from the sale proceeds.