New legislation to speed up short sales? I am not typically a negative Nancy, but having dealt with many banks during the short sale process has made me a skeptic. It has me wondering if lenders were able to speed up/stream line the process they would have already done so. I was talking with Bank of America yesterday and asked how long would it take for us to get assigned a negotiator once all the sale paperwork had been submitted. The customer service rep told me 10-15 business day. I asked why it took so long and he reminded me that we are in a recession (yeah really) and many people have lost their jobs and their department is very busy. I understand the economic crisis we are in, but we have been in this mess for 3-4 years, more than enough time to figure out how to process a short sale in a timely matter. Don’t get me wrong many lenders have figured it out, but many are still dragging their feet to get one done. Realtor.org has even more info about Home Affordable Foreclosure Alternatives Program (HAFA).
HAFA please prove me wrong and turn me into a positive Patty!
Good luck to all sellers and buyers who are working with a bank on a short sale. Patience and persistence go a long way.
