New rules taking effect Oct. 1 that will prohibit brokers and agents from representing both buyers and sellers in FHA short sales will only make it harder for the government to get the most bang for its buck, the National Association of Realtors argued this week in a letter to Federal Housing Commissioner Carol Galante. The Department of Housing and Urban Development issued a letter to mortgage servicers in July outlining a number of new anti-fraud requirements for short sales and deeds-in-lieu of foreclosure. They include the use of a "deficit income test" to prove that a homeowner is experiencing a hardship that may qualify them for a short sale or deed-in-lieu of foreclosure, and documentation requirements for verifying the homeowners assets, income and expenses. To ensure that...
Jul 23, 2013 by Inman
Nov 1, 2011 by Matt Carter