Tuesday, February 21, 2012

Proposed Bill to Speed Up Short Sale Process & Prevent Foreclosure

Banks have been dragging their feet on this just as they've done on loan modifications. The short sale process as it stands now makes absolutely no sense. The main reason for all the delays? Same reason for the loan mod delays - servicers. Servicers make more money when a loan is in default. It's that simple. The big joke here is the "fine" for non-compliance - $1,000 plus reasonable attorney fees. Banks are announcing record profits.Do you think a $1,000 fine is going to change their way of thinking?

Full Article: dsnews.com

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