by John Roney
Need help with debt woes? Seeking support for debt concerns? Maybe you have over committed yourself financially and it seems as if you're drowning in debt? Are you in need of help with negotiating the debts that you may have? Do you find yourself over committed by a bank and consequently are finding it difficult to continue acceptable payment each month? Have you maxed out your available credit and are now finding it difficult to make repayments? Do you wish to terminate your credit card and pay it out? Maybe you've attempted to get a credit card, mortgage loan, car loan, rental account, phone or electricity account and been turned down? Perhaps you've received a judgment entered against you from being sued and need assistance to deal with the situation? Have you been suffering from health issues as a result of having too much debt and not knowing how to deal with it?
Assuming a borrower is eligible the next step is the establishment of an acceptable sales price. Prior to this program, most lenders would not establish a fixed sales price, but instead would wait until an actual offer was received to determine if the price was acceptable. Under this new program, a borrower can submit an approved appraisal or broker's price opinion. Once this value is accepted by the bank, the property can be listed, marketed and sold for at or above that price without treatments of the sale as a short sale. Traditional short sales were often difficult to market and sell since many buyers were not willing to wait to see if their offer was acceptable. Others often gave up due to the delays in approval. By eliminating this issue, sales above the approved price can close in the normal course.
One of the biggest complaints about the process is the failure of lenders to timely respond to contract offers. Most offers require lender approval within sixty days of submission. In many cases lenders would fail to respond and buyers would walk from the contract. The new rules require lenders to review and decide on properly submitted applications within ten days from the date of submission. I do have a concern with this requirement solely due experience with lenders in the past. If lenders had trouble approving short sales within sixty days, how can they fairly decide now in ten days unless they commit many more resources to this matter. I am concerned that since it is easier to deny the application, many more short sales will be denied. Only time will tell if this is an accurate statement.
Actually the company witnessed a crash during the mortgage meltdown and Bank of America consequently had to sort out a big mess consequently. For instance, the bank's <a href="http://obamamortgagereliefplanqualifications.com/mortgage-legislation/mortgage-debt-relief-act-2010/">Mortgage Debt Relief Act 2010</a> lost around $8.9 billion owing to the deadly loans bought from the Countrywide.
Many homeowners have both a first and second mortgages (including equity lines and helocs). This was often a large impediment to short sale approval, even though the second mortgage lender would generally be wiped out in foreclosure. To encourage these second position lien holders to release their lien, they can be compensated up to $3,000.00 at closing from the first mortgage lender's proceeds. Finally, to encourage lenders to approve short sales, the Treasury department will reimburse lenders up to $1,000.00 for each transaction completed under the new program. In the past, loan servicers benefited from avoiding short sales and completing foreclosures because they were able to recover extra late charges and foreclosure expenses from the loan investors. This payment is designed as a partial replacement for these lost funds.
Learn more about <a href="http://ObamaMortgageReliefPlanQualifications.com">Obama Mortgage Relief Plan Qualifications</a>.
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New Unique Article!
Title: Mortgage Debt Relief Act 2010: New Short Sales Rules in Foreclosure Cases
Author: John Roney
Email: support@apprenticepress.com
Keywords: Mortgage Debt Relief Act 2010,debt relief reform 2010, consumers in debt,debt relief,credit card,credit card reform,card reform
Word Count: 611
Category: Mortgage
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