Hi everyone!! I am hearing rumors that starting January 2014 the rules on short sales will be changing and the lenders will be requiring a repayment of the forgiven amount. If that is the case then the short sale as we know it would pretty much be gone. The whole concept of a short sale is thrown out the window. Have any of you heard of this?? Thanks!
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Yes, I read this but it was not pertaining to short sales but Fannie Mae/Freddie Mac loans. In essence, if they foreclose on properties and find out the owner had sufficient funds to pay for the property they will go after the deficiency. It was written up in the Los Angeles Times Oct 13th. "Fannie Mae, Freddie Mac to go after more Strategic defaulters." Otherwise, I have not heard about the short sales.
I've had three agents ask me about this in less than a week. I had planned to do some research on my own but thought the folks here may have some insight as well.