The Short Sale offers are starting to arrive from the banks. In the last week I have seen documents from lenders where they are offering to “Short Sell” the property. For all intensive purposes the letters or noctices follow the mandated “Hafa Protocols” which become official in a few days (April 05, 2010).
First lets talk about one of the things that are I am seeing, a “Notice of Intent to Accelerate” this is what my attorney used to call a “Barking Dog Letter” it falls short of any official action against the property which is required in law, but the letter if well written can open doors that may allow the parties to take more formal actions. This is not correspondence to be ignored but it is not the “NOTICE OF DEFAULT” and appointment of a Trustee Sale Date. If there is any confusion about this and you want to get this from someone that has not interest in any thing but telling you the truth , many times you can get advise from HUD Approved Housing Counselors, like the HOC in San Diego.
The interesting thing about the last “Notice of Intent to Accelerate” that I read was that on the second page it offers the client the opportunity to open up discussion to “Short Sell” the property or even deed the property back to the bank in lieu of foreclosure. These are in fact the same basic steps that are laid out in “HAFA” and are sligghtly different form letters than I have seen in my 20 years of industry experience.
I know this can sound complex and it even confuses many Real Estate professionals. So if your shopping for a Broker you may want to make sure that they can answer the basic “HAFA” questions that are posted at www.HAFA.US. Of course everyone at the Short Sale Nurse Team can answer all the questions.
This article was written by George Kenner, Broker Associate Lic. 01229951