Cliff's Notes…on Real Estate

This happen over the weekend and I thought you might want to know this if you have not seen it before.

First of all the Treasury Department indicated it would reward lenders who closed on properties with a short sale. Likewise the Feds issued a few guidelines for short sale so banks now can figure out how to price a short sale.

Bank of American is taking the lead on this by loosening its policies on 2nd mortgages. They now allow 2nd mortgages 5% of the loan amount as a payoff. The good part is if B/A is the second lean holder they take the 5% automatically.

What that means is a big challenge to short sales has been addressed by the Feds and adopted by banks. It’s about time these guys start working together. Today they get an “Atta-boy/girl”