The Weekend Review

• Short Sale Servicer Changes Name
  The commercial and residential mortgage servicer “We Save Homes” is now operating under a new name: Servicers Direct. The company announced that it is “poised to experience significant growth in the specialist mortgage market,” one of the main areas of which is short sale processing and negotiations.

• Fannie Mae and Freddie Mac Mortgages Will Get Faster Short Sale Response Time
  Starting on August 1, 2010, lenders on Fannie Mae and Freddie Mac mortgages must respond within 14 days to requests for short sale approval. It is hoped that the measure will help lenders and homeowners resolve their foreclosure issues more quickly – perhaps avoiding the problem all together.  If the homeowner is applying for HAFA programs, the burden of proof of financial hardship is still on the buyer, however.

• Short Sales Up About 50% Compared to this Time Last Year
  Property groups in New York, where short sales are relatively rarer than in other parts of the country, are reporting that short sale transactions are up about 50% in the region over this time last year. In New York, lenders often expect the seller to come to closing with money to clear the remainder of the lien, an expectation that makes short sale transactions considerably more difficult since many sellers cannot afford to meet these closing terms.

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