The report noted that the percentage of suspicious short sales
flipped for more than $50,000 has slightly decreased during the period of 2012 to second-quarter 2013.
mortgage funder Freddie Mac (OTC: FMCC) said it is streamlining its policies and processes so all Freddie Mac servicers can approve short sales
for borrowers facing sudden financial stress due to divorce, death, disability or other common hardships on their own authority.
When deciding to go into short sale
, most homeowners do so primarily to avoid foreclosure, which can be extremely damaging to an individual's credit report and have long-term effects on anyone seeking credit.
With the courts at a standstill and banks not foreclosing on properties," Halloran said, "the banks are getting better at doing short sales
, so more people are doing them.
But according to Denver attorney Sara Mobley, who deals with many loan modifications and short sales
, about eight out of nine short sales
nationally fail because they don't meet the guidelines that the lender must adhere to.
His short sale
rush system evolved from his personal hands-on experience in residential sales, mortgage lending, and property management, augmented by psychological, motivational, and practical techniques refined from his military leadership.
Lender of Record Does Not Match Lender on Short Sale
If both longs and shorts decline in value, you'll still make money, as long as the purchases decline by less than the amount of short sales
-- hence the term market-neutral.
While it's encouraging that lenders and servicers are making headway in improving their short sale
processes, they still have more work to do to ensure that not only REALTORS([R]), but also home sellers and buyers have a better experience when dealing with short sales
," said C.
Quite a few people view a short sale
as a bad thing, but it does not have to be.
Instead of borrowers suggesting a short sale
to a reluctant lender/servicer, more lenders/servicers are now committed to short-sale success.
He contrasts that to Texas, which he said has the shortest cycle in the nation at just 21 days, leaving little time to arrange a short sale
as an alternative to a foreclosure.