AG settlement starts the clock on short sales

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 · AG settlement starts the clock on short sales. March 14, 2012. Jon Prior. Mortgage servicers will be kept to strict short sale timelines agreed.

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Short sales (Fannie describes as pre-foreclosure sale), deed in lieu of foreclosure, or mortgage charge-off are treated the same. Each requires a 4 year waiting period, unless the reason was an extenuating circumstance. The U.S. economy started the year with busier factories, higher retail sales, more jobs and growth in home sales. The Federal Reserve said Wednesday that all 12 of its banking districts reported some level of growth in January and the first half of February.

She’s been praised and criticized for signing on to that global mortgage settlement with the nation’s biggest banks. Now, Nevada Attorney General Catherine Cortez. on principal reductions as well.

At least one of the changes is aimed at giving buyers a little breathing space – providing them three days to review all the paperwork and ask questions about it rather than rushing through it at.

– Short sale or deed in lieu of foreclosure has been approved by all parties and proof of funds has been provided to servicer No Stay Within 15 Days of Sale: If a borrower applies for a modification within 15 days of a scheduled sale, servicer must: – Review the borrower or – Notify the borrower that it was unable to complete the

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Starting and Ending Your Day with Square Point of Sale  · Settlement starts the clock on short sales Mortgage servicers will be kept to strict short sale timelines agreed to under the state attorneys general foreclosure settlement this week. Along with the penalties and relief for borrowers, the five largest mortgage servicers must adhere to a set of new standards.

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Each dollar forgiven in a short sale. the settlement terms. Katie Porter, a UC Irvine law professor who is monitoring the settlement compliance for the state attorney general, said the report.

Settlement dates, usually a few days after the trade date, represent the time when payment must be made for a purchase or when assets must be delivered for a sale.