Short Sale News: Short Sales Surpass Foreclosures as Banks Agree to Deals

The number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc. (LPS) Short sales accounted for 23.9 percent of home purchases in January, the most recent month available, compared with 19.7 percent for sales …

Short Sale News: Fannie and Freddie Set Timeline Requirements for Short Sales

Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days.The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to the short sale …

Short Sale News: Strategic defaults to continue throughout 2012

A FICO survey of bank risk professionals found that 46 percent expect the volume of strategic defaults in 2012 to surpass 2011 levels, as more than 25 percent of  U.S. homeowners owe more on their mortgages than their homes are worth.Concerns about strategic defaults were also reflected in response to a question about the consumer payment hierarchy. When asked if …

Short Sale News: BofA Makes Changes to Trim Short Sale Timeline

Starting Saturday, April 14, real estate professionals working with BofA will be required to submit five documents for short sales initiated with an offer: Purchase Contract including Buyer’s Acknowledgment and DisclosureHUD-1IRS Form 4506-TBank of America Short Sale Addendum, which includesthe Agent Certification formBank of America Third-Party Authorization Form The acknowledgement and disclosure form, short sale addendum, and the form for  …