So a few blogs ago I spoke about the potential of a new law the Obama Administration was passing to help expedite the short sale process. Many people in my industry have been crossing their fingers hoping that this will be the "light at the end of the tunnel" for many homeowners and Realtors alike who have been waiting months for short sales to close.

What a boost to the economy that would be - for Realtors and homeowners to sell homes quicker to help get all these vacant homes off the market (I know I'd love a "faster" commission check). To me the ability to close these files quicker is incentive enough but from what I've learned there is $$$ for not only banks but for homeowners who successfully close their short sales.

Under this new program each mortgage holder (bank) will receive $1,000 for every successfully closed short sale and for the first time EVER the government will be giving homeowners who short sale "relocation assistance." That doesn't sound like a bad plan to me.

This new law takes place in April which is not that far away ... let's home this plan will be enough incentive for banks to help out homeowners like they should of in the first place.

 

Until next time ...

Kase C. Ellers
Assistant Manager/REALTOR
RE/MAX Gold Partners
www.KasesPlaces.com

How safe is your own money in your own Bank Account?

If you deposit money in to a Bank or Credit Union that is the same as your Mortgage holder you likely have a banking conflict. You have assets where you also have liabilities and the "right of offset" may apply. Simply put, if you have funds available in your bank account and for some reason do not pay your mortgage, the banking institution will have the legal right to freeze and seize any funds available to offset monies due to them.

As permitted by state and feral law, Banks have the "right of offset" and may use it to collect on a delinquent Mortgage payment(s). If you are in a hardship and bank with the same company your mortgage is with you should take time to look into the banks policy or practices with regard to "right of offset". It is not very difficult to change who you bank with, but the effort to get your money back if the bank exercises their right of offset may be difficult or impossible