Between the Mortgage Debt Relief Act (MDRA) currently sunsetting at the end of 2012 and this new servicer requirement to determine approval or denial within 30-60 days, I suspect we may see a huge glut of new short sales hitting the market over the next 2 months… let’s hope they extend the MDRA so we’ll have time to process all the new files!
Why do we feel this may happen? Read this article about loan servicers being pushed to do approval or denial of short sales within 30-60 days and you’ll see why the two issues may turn into a logistical nightmare unless the MDRA is extended to 2014 as is currently put forth in legislation.
For homeowners in the tri-county area (King, Snohomish, Pierce) who’d like to try and take advantage of the timing, we at Team Reba are open to your calls about hiring us to assist you in a short sale. We’ve got experience on our team in this area since 2004 and have an excellent close rate for the deals we negotiate for our clients!
