As of March 1, 2012, President Obama’s new program on Short Sales mandates that lenders holding a property in Short Sale must give an answer to a prospective buyer within 60 days. Bank of America, one of the largest holders of Short Sales, has adopted a new program to shorten the time frame required to complete its research — as long as the Hardship Package and all pertinent documents have been turned in at the onset.
Obama also cut the credit requirement for a current owner to get refinanced to stay in her/his home. The thinking is that it’s more productive for the bank to assist the current owner, the person who is emotionally and financially invested in the house, rather than put it on the market as a Short Sale or Foreclsoure. In the past, three month refinancing trial periods have resulted in the owner owing more than what she or he started with. This is another area that is being investigated. For more information, contact email@example.com or another Realtor who specializes in these matters.