Getting help with the difficulties of processing short sales from the California Assocation of Realtors

I was happy to read today on the California Association of Realtors website, the folllowing article about

their involvement in helping short sales progress quicker and smoother. This is a process that takes

far too long and has far too many hoops to jump thru. It can be extremely frustrating to buyers, sellers

and agent alike. I'm glad thie association is getting behind us and supporting us. Also the National

Association of Realtors is doing the same.

FROM THE CAR WEBSITE BELOW:

C.A.R.'s efforts to address the issues related to the difficulties of the short sale process are starting to gain traction.

Late last week, the Federal Housing Finance Agency (FHFA) announced it has directed Fannie Mae and Freddie Mac to establish consistent policies and processes for the servicing of delinquent loans. The alignment will help servicers do a better job of resolving delinquencies in a more consistent and expeditious manner, keep more consumers in their homes whenever possible and minimize losses to companies and taxpayers.

The directive will streamline and expedite borrower outreach, align mortgage modification terms and requirements, and establish a consistent schedule of performance-based incentive payments and penalties.

The updated guidelines also prevent servicers from seeking foreclosure at the same time a borrower is being considered for a loan modification.

FHFA, Fannie Mae, and Freddie Mac said these directives are in response to concerns about servicer performance raised throughout the industry and government.

C.A.R. has been meeting regularly with industry regulators, lenders, and servicers to press for improvements to the short sale process and will continue to do so until significant improvements are made