RealtyTrac: Distressed property and REO sales rise in 3Q

A total of 193,059 properties in some stage of foreclosure or bank-owned status sold across the U.S. in the third quarter, up 21% from the second quarter, RealtyTrac said Thursday. Despite the sharp increase from a month earlier, the sale of distressed properties actually fell 3% from the third-quarter of last year. Short sales grew in popularity across the marketplace, …

New short-sale guidelines expected to unclog bad mortgage backlog

The new Federal Housing Finance Agency short sales guides for the government-sponsored enterprises Fannie Mae and Freddie Mac are now in effect. The guideline’s impact on mortgage servicers so far are seen as positive, given that the program seeks to avoid foreclosures and is helpful to borrowers, servicers and the housing market, said senior executive Ghazale Johnston of Accenture Credit …

Short Sale News: Short Sale Bill Addresses Slow Approval from 2nd Lien Holders

Rep. Jerry McNerney (D-Stockton) recently introduced a bill to speed up the short sale process by requiring subordinate mortgage lien holders to make a decision on a short sale within 45 days. McNerney’s bill proposes that if the lender does not make a decision within the given time period, the short sale will be approved on the 46th day. The …