Mortgage Industry Works to Streamline Short Sales

The mortgage industry has taken some steps to streamline the process for short sales, note some real estate agents. Fannie Mae and Freddie Mac have cut back on the paperwork needed for some short sales and have taken other action to help move deals forward, such as offering up to $6,000 to pay off second liens. And large banks are now using the online site Equator.com, where documents can be uploaded and viewed, helping to limit the possibility of lost paperwork. The process can last anywhere from a month to more than a year because of negotiations over a deal. The homes sell for less than the homeowner owes on the mortgage, and the seller’s lender has to accept a loss. Some agents believe short sales can go more smoothly when the listing agent and the attorneys involved have experience with them and know how to deal with the banks. | Read More