Shortsalenurse's HAFA Blog

December 17, 2009

Citi banks Slows Foreclosures, Treasury Announces Improvements to Short Sale Process


Today Citi Bank announced that they were going to slow the Foreclosure Process for all of their clients for 30 days, to cover the holiday season.  This does not apply to all the Citi serviced loans but does cover what is supposed to be the majority.   The news from Citi is however  not the Big news of “The Week”.

The Treasury Department has announced changes to a program that could aid thousands of Americans.  (this change will start in April 2010) The basic change is that they are getting more forceful with the lenders or so at least that is the impression that is desired.   To describe the changes that are the most important I will just cut and paste what the California Association of Realtors said

“The HAFA program will permit pre-approved short sale terms before a property is listed; prevent servicers from attempting to reduce real estate commissions established in the listing agreement as a condition for short sale approval; release borrowers from future liability for the debt; and provide financial incentives to borrowers, servicers, and investors.”  Here is a link to the program for the complete details   This is provided by the California Association of Realtors.   They are working on the final details of the Plan with the Government and expect this to be a positive move forward for all.  If you have any questions and would like to know how this program could assist you, please contact any of the Agents on the Shorts Sale Team.  We follow this infomation as closely as possible to aid our community.

 

This article was written by George Kenner, Broker Associate Lic. 012229951

 

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