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Source: The Urban Team
A Reality Check
“While we are experiencing a greater share of short sales, these transactions are notoriously difficult to navigate with no guarantee of closure. A recent C.A.R. survey indicated that it takes many lenders 90 days or more simply to communicate whether a short sale has been accepted, causing tremendous frustration for buyers and sellers. Moreover, the survey found that more than two out of five short sale transactions never close. The housing market can’t fully recover until lenders streamline and improve the short sales process, which would help expedite transactions.”
Quote from Beth Peerce, C.A.R. President - December, 2010
What Effort is C.A.R. Exerting
In response to the ongoing challenges REALTORS® face in working with short sale transactions and HAFA, C.A.R. recently sent letters to officials at the U.S. Dept. of the Treasury, Federal Housing Finance Agency, Fannie Mae, and Freddie Mac requesting immediate changes to the HAFA program and recommending solutions so the program can succeed.
In the letters, C.A.R. made the following recommendations:• Require servicers to comply with HAFA timelines• Increase monetary incentives to senior and subordinate lien holders• Enforce other HAFA rules• Provide uniform guidelines for all HAFA programs• Mandate lenders to approve and complete HAFA short sales
Source: C.A.R. Newsline