Real Estate. Economics. Business
The U.S. Treasury Department has issued new short sale guidelines to try to help banks speed up a cumbersome process. Reuter’s published this update (HT Mr. Short Sales).
There were two very critical items:
1) Treasury requires that the bank release the debtor from future obligations on that debt
2) The banks cannot reduce the real estate commissions of agents involved in the short sale
It will be see how this gets implemented in the next few weeks and months.
I often get the question, what’s the difference between a foreclosure and a short sale. Afterall, once a person gets behind on payments, their credit is already hit hard. Well, there is a difference.
Here is a FREE report on Foreclosure vs. Short Sale.
There was a change in Minnesota State statutes earlier this year that allows homeowners to delay the Sheriff’s sale by up to 5 months. There are several steps that need to be taken. If you do get a delay, that shortens the redemption period to 5 weeks from 6 months.
The Minnesota Home Ownership Center has some good information.
Here’s a Google Search on Foreclosure Postponement in Minnesota.
Why might someone want to consider postponing the Sheriff’s sale especially if they feel it’s inevitable that they can’t keep their house? The main reason I suppose someone would want to do this is to pursue a short sale.
If you’d like to consider your options before letting your home go to foreclosure, I am here to help. I’ve built a web site and become a Certified Distress Property Expert which allows me to help homeowners in distress. Please visit my web site dedicated to helping troubled homeowners at John Murphy Helps.
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