Short Sale Over Foreclosure

Here is another article on doing short sales over foreclosures and how it could get easier starting April 5th “Under the new Home Affordable Foreclosure Alternatives program, borrowers will earn a $3,000 “relocation incentive” and servicers will get $1,500 for handling a short sale.

I am not sure how I feel about a $3,000 relocation incentive but I guess if it keeps people from destroying their homes and stealing the appliances it’s not a bad idea.  Remember the banks don’t have to participate in this. 

I have heard good things about the new software Bank of America and some others are using called Equator where documents are uploaded into this system so the banks don’t keep losing your documents.  Here’s a question, with all of the rules banks have to follow when it comes to protecting a borrowers identity stating that you have lost a package you would think is a class action lawsuit waiting to happen since their personal information is all over this documentation.

http://money.cnn.com/2010/03/29/real_estate/short_sale_explosion/index.htm?section=money_realestate&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_realestate+%28Real+Estate%29&utm_content=Google+Reader