UCONN Home Short Sale Homes

Industry News

The Home Equity Theft Prevention Act has created some confusion regarding this frequently-used method of settlement.[citation needed] It is unclear whether HETPA applies to deeds in lieu of foreclosure since there is no clear exclusion as there is for a referees deed, for example. Both sides may then proceed with settlement negotiations. The federal government sanctions and recommends borrowers use Licensed Real Estate Agents because the bank will pay commissions and closing costs. The geographic diversity of these cities is made up for by short sale homes the fact they these are all relatively metropolitan areas.

In a foreclosure proceeding, the lender also bears the burden of proving they have standing to foreclose. Due to the overwhelming number of defaulting borrowers due to mortgage failures and other causes as part of the 2008—2012 global financial crisis, many creditors have become adept at processing such short sales applications; however, it can still take several months for the process from start to finish, often requiring multiple levels of approval.

Under this system, the lender initiates foreclosure by filing a lawsuit against the borrower. A short sale negotiation resulting in a reduction of the amount a borrower owes towards a debt acts as a type of settlement or renegotiation of a borrowers debt.

University of NYC
70 Washington Sq.
New York, NY 10012