Monday Market Update - July 23, 2012
I hope everyone had a fabulous weekend. Even with the few scattered storms, the weather was great...HOT but great!
Last Thursday, July 19th, legislation known as "The Fast Help for Homeowners Act" was offered in Congress that would require subordinate lien holders to review and respond to short sale requests within 45 days. Often times, subordinate lien holders cause delay or even cancel a short sale transaction while trying to collect the largest possible payout. In a foreclosure, the subordinate liens typically get nothing so to expedite this process and negotiations is definitely a step in the right direction. We'll be keeping an eye on this legislation and let you know how things turn out.
If you or anyone you know is in danger of losing their home, let us know...we can help. Call us at 910.202.2546 or send us an email.
Have a great week and remember The Cameron Team for all your real estate needs!