There were some new short sale guidelines implemented last month that are already having a large impact on Denver short sales. While they do not apply to Fannie Mae and Freddie Mac loans, they do apply to any lender participating in the Obama Administration’s Home Affordable Modification Program, including Bank of America and JP Morgan Chase. The new guidelines (implemented at the beginning of April) include:
-Banks must now respond to a short sale offer within 10 days. This is a huge relief to Denver buyers and sellers who have waited up to six months for a response in some cases.
-Denver short sale sellers will now receive a $3,000 relocation allowance. They are also relieved of any responsibility for the remaining debt.
- As of April 5th, lenders now receive $1000 to cover administrative expenses and any second lien holder will also get $1,000.
For information on short sales in Denver, please contact TeamCox Realtors at 303-400-6060. We are trained Certified Distressed Property Experts, or CDPEs,specializing in helping distressed Denver homeowners avoid foreclosure in Denver.
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