Charlotte Short Sale Advisors

According to DSNews.com, a bill has been introduced to appoint a deadline of 45 days  on lenders to approve, disapprove or give the status of a decision on an offer for a short sale.

By decreasing the length of time lenders have to make a decision, the more likely underwater homeowners will be able to use the short sale as a foreclosure alternative. This will decrease the amount of empty, repossessed homes on the market.

The bill was introduced by two lawmakers, Representatives Tom Rooney of Florida and Robert Andrews of New Jersey. They named their legislation the Prompt Decision for Qualification for Short Sale Act of 2011 and have stated that is will bring the short sale processing timeline closer to buyers’ and sellers’ expectations.

The following is an excerpt from the DSNews article written by Carrie Bay, “The National Association of Realtors (NAR) is throwing its support behind the new bill. The trade group has been actively pushing the lending industry to improve the process for approving short sales, which represent about 13 percent of recent home sales according to NAR data.

‘Realtors want to help more homeowners avoid foreclosure by facilitating a short sale when a family is absolutely unable to keep their home; however, that can only happen if lenders and servicers approve short sale offers in a reasonable amount of time,’ said Ron Phipps, president of NAR and broker-president of Phipps Realty in Warwick, Rhode Island.

Phipps says a short sale not only minimizes the negative impact on the borrower, but in most cases costs the lender less than a foreclosure. He praised Reps. Rooney and Andrews for their efforts on a bill that he says could soon bring relief to distressed homeowners who hope to avoid foreclosure.”

Full Article

For more information on proceeding with a short sale or purchasing a home in the short sale process, contact us.

Are you in need of home loan assistance? Do you have a Bank of America home loan? You may be in luck!

BofA has recently launched a new website dedicated to helping its loan customers no matter what situation they may be in. Whether you think you may miss a payment soon, just missed one home loan payment, missed more than one loan payment or have received a forclosure notice. This easy to navigate website will give you assistance into understanding your situation and where to go from there.

 www.bankofamerica.com/homeloanhelp

To find a real estate agent who will understand what you are going through and can help you through a short sale process or relocating, click here.

Have you thought about looking for an “”easy-fix” for mortgage problems you are experiencing? Don’t sign up for just any program. Due to an increasing amount of scams that take advantage of homeowners, the Federal Trade Commissio FTC has issued regulations protecting consumers against relief fraud. 

Everyone could benefit from learning about these regulations and by downloading this free report you can protect yourself from potentially fraudulent activity.

Nancy Braun, Owner & Broker-in-Charge of Showcase Realty, LLC, speaks with FOX Charlotte’s Israel Balderas about the option of Short Sale.

Nancy Braun, Owner and Broker-in-Charge of Showcase Realty, LLC will be on the 10:00pm news on FOX News Charlotte speaking on luxury short sales in the Charlotte, NC area. Make sure to tune in – we will also be posting this video in the near future.