Tim Harris is always on top Short Sale Breaking News

How does the proposed MHA Short Sale and Deed In Lieu program guidelines effect my Short Sale business?

Recently, on another blog there was an article published that was misleading and (frankly) a little deceptive regarding the effects of MHA on the existing Short Sale process. I don’t often call attention to this sort of thing. But, today…I am making an exception. Why? Simple, our country…our industry doesn’t need anyone passing along incorrect information.

So, starting today….whenever we come across misleading…incorrect information we will let you…our students and fellow real estate professionals know. If this offends the offender then so be it.

The fact is HREU has been coaching our Agent Short Sale Secrets students to the new MHA proposed guidelines for nearly 12 months now. These proposed guidelines are certainly nothing new…and nothing to worry about.

As you will note…these guidelines are merely proposals and lenders/ servicers can participate if they choose. There has been a lot of chatter in the real estate community that the proposed MHA guidelines will radically alter the Short Sale process. Matter of fact, its been brought to my attention that a few folks have popped up who are trying to convince agents that the MHA proposed changes are something to worry about….they are not. As any HREU Agent Short Sale Secrets student will tell you…when a lender is following the MHA guidelines the Short Sale actually goes smoother and faster.

So, I am going to clear the air.

Before I do..a couple important points you need to clearly understand:

1) HREU is the nations largest online real estate university. As you know, we often report relevant real estate news to you days and often weeks before you read elsewhere. Agents, if there are changes that will effect your business you can rest assured that we will tell you.

2) We have been talking about MHA on this blog since it was proposed months ago. This is nothing new.

3) Lenders are NOT REQUIRED to participate in this proposed program.

4) In case you missed it…this is a proposed program….lenders are NOT REQUIRED TO PARTICIPATE. In preparing this blog post I emailed a few of the folks we are in contract with at the major lenders (Wells Fargo, BOA, Citi) and they confirmed that the guidelines are merely proposals. In other words, Not an actual law/ rule etc. If you are dealing with a FHA owned loan then you probably will be working with a servicer who is using the MHA guidelines.