Until Politicians understand what goes on behind closed doors and sees first hand, the incompetence behind those doors, passing more legislation, is futile. Getting a short sale approved involves many people and entities. The two most important being the Mortgage Insurer and the Investor(s), holding the note. Without their approval to absorb/take the loss on the sale of the property, the deal won't get done. Of course, the major challenge, is finding the Investors who actually own and hold the note????
Mathews Realty Group
Retirement Advisor/Investor Services
Real Estate IRA Specialists
Legislation Introduced to Speed Lender Response to Short Sales
Two lawmakers, one Republican and one Democrat, have joined forces to push federal legislation through that would facilitate wider use and shorter transaction timelines for a foreclosure alternative that some say could be a lifeline for millions of underwater homeowners while drastically reducing the number of empty, repossessed homes lining U.S. neighborhoods – the short sale.
Some market participants, though, aren’t so optimistic, arguing that the government has a host of requirements in place for the banks when it comes to certain housing and mortgage issues that aren’t enforced.
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