It’s the Holidays.. you would think Short Sales would be the last thing on most people’s minds, well maybe not. The California Association of Realtors published and open letter (SEE LETTER) written to Treasury, Fannie, Freddie and route a copy to all the California Congressmen. To me this was not a shot over the bow of the boat, it was pointed at the waterline. CAR wants some real changes and they think enough time has pasted to implement the program. Change is due… I have one thing to say, BRAVO CAR!
Now this is just how I see it, and after you read the letter you will form your own opinion. As I read it C.A.R. asks for meaninful compliance to the program and for there to be ONE VERSION of HAFA not three. Working on as many of these transactions as I do this makes a lot of sense. Fannie Mae and Freddie Mac have their own versions of the program. WHY? They owe taxpayers over A HUNDRED and SIXTY Billion Dollars and they are still calling their own punches, which I believe is only confusing the issue. WHY?
Today Dec, 28th, 2010 as most people were spending time with family, finishing up the holidays the Treasury announced improvements to HAFA including changes in occupancy and other rules. Was this done in response to the California Association of Realtors letter? Did Treasury rush something to press, before Congress comes back into session and starts grilling them? I have a feeling a trade group of 170,000 members will get some attention to their concerns.
Our Blog will of course cover this and some other exciting changes to HAFA and the entire Short Sale System, that I believe will be arriving in the next few months. Please read the Treasury Department Changes (Here). In all fairness I am grateful for the changes, but I want more.
To all my readers, Bankers, Loss Mitigation Officers, Current & Future Clients, and my fellow Short Sale Realtors… Have a very Happy New Year…and remember try to do a Loan Modification first, I would rather save a home than sell one. Send the Client to a HUD Counselor first!
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THE BLOG HITS A RECORD TODAY.. MOST HITS SINCE THE START I CAN ONLY IMAGINE HOW BUSY IT WOULD HAVE BEEN IF THE ANNOUNCEMENT HAD NOT BEEN MADE AT THE HOLIDAYS!