Short Sales and the $25 billion National Mortgage Settlement

The following are the provisions in the $25 billion National Mortgage Settlement with the banks that will affect how they conduct short sales: 

1. Short Sales Banks/servicers shall make information publicly available on short sale requirements.
    
2. Banks/servicers shall develop a short sale process that allows homeowners to obtain a short sale evaluation before putting the home on the market.
    
3. Banks/servicers shall confirm in writing that a request for short sale has been received.
    
4. The confirmation of receipt shall include information on the banks’/servicers’ short sale process.
    
5. The bank shall send the homeowner written notice of any missing documents.
    
6. Banks/servicers must give notice of any missing documents within 30 days. 

The main source for information regarding every aspect of the settlement and how it affects home owners with mortgages is the following website:

http://www.nationalmortgagesettlement.com/

For summaries on key aspects check out the following:

Settlement Executive Summary

https://d9klfgibkcquc.cloudfront.net/National_Settlement_Executive_Summary.pdf

Mortgage Servicing Settlement

https://d9klfgibkcquc.cloudfront.net/Mortgage_Servicing_Settlement_Fact_Sheet.pdf

Serving Standards Highlights

https://d9klfgibkcquc.cloudfront.net/Servicing%20Standards%20Highlights.pdf

Benefits to Service member and Veterans

https://d9klfgibkcquc.cloudfront.net/Mortgage_Settlement_Veteran-Service_Benefits.pdf