New rules from the U.S. Treasury could figure prominently in Central Florida’s housing market, where about one in every five existing-home purchases involves a short sale.
Key Points of the New Rules: Emerges between now and April; Only banks that owe the federal government TARP bailout funds must comply; New federal guidelines give lenders a 10-day limit in which to respond to sale offers; The Treasury rules, in addition to imposing a 10-day deadline for bank decisions, call for sellers to receive $1,500 moving allowances — and for the sellers to not have to repay any of the debt.
We are working closely with Bank of America in an effort to expedite any short sale they own or service.