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2012 April | Law Office of Tessa L. Schultz
From the monthly archives: April 2012

Lenders Are More Open to Short Sales

On April 21, 2012 By

Lenders are finally starting to see that Short Sales cost less and are better for everyone. In addition, according to this article, Lenders are agreeing to accept less on Short Sales than they have in the past. All good news.

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http://www.gobankingrates.com/mortgage-rates/short-sale-preference-over-foreclosures-lenders/

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Regulator seeks speedier action on troubled US mortgages

On April 18, 2012 By

Yesterday, the regulators of Fannie Mae and Freddie Mac announced new regulations intended to further streamline the short sale process.  In short, once a borrower submits a short sale package, the servicers has 30 days to give a decision.  However, it also states that if [...]

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U.S. Home Short Sales Surpassed Foreclosure

On April 17, 2012 By

The number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc.

Read more.

http://www.businessweek.com/printer/articles/46438?type=bloomberg

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B of A Shortens its Short Sale Approval to 20 Days

On April 11, 2012 By

Bank of America is rolling out a new program to shorten its short sale approval from 45 days (at best) to just 20 days. This is wonderful news if practice becomes reality.  We will have to wait and see.  Please see click the link to see more details – Continue Reading →

Short Sale News

On April 9, 2012 By

In spite of the flood of new foreclosures expected to hit the real-estate market this year, bankers, agents and homeowners alike are taking heart from the fact sales of homes in Central Jersey have picked up significantly in recent months. CENTRAL JERSEY CoreLogic, a company that tracks statistics about foreclosures and… – Click [...]

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What Is A Short Sale

On April 3, 2012 By

Anyone who is behind on their mortgage needs to ask a very important question. They need to ask, what is a short sale? A short sale is a term used in the real estate market when a lean holder allows a home owner to [...]

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