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Short Sales a Win-Win Solution?
Byline: Amilda Dymi
Houston-Industry experts find that while short sales involve some loss and are time consuming, they represent a win-win loss mitigation tool servicers should embrace and streamline rather than avoid.
Cheryl Lang, president of Integrated Mortgage Solutions, a collateral protection resource for the mortgage servicing industry, happens to be a believer in short sales as a loss mitigation tool, which among other things are a way to finally get house values right and help preserve neighborhoods.
"We'll have the market back only if the prices stabilize. This is a different type of crisis we're in. We got to do things smarter and faster," she told MSN. "A short sale is a win-win solution for everyone involved. It's a way to find the true value of the home and keep those values, or what's perceived as true value, since that is ambiguous itself."
The Obama housing plan, Fannie Mae and Freddie Mac cannot assist defaulted borrowers when they also face job loss. A deed-in-lieu is not a good option because it involves potential fines. So she finds it surprising that while a short sale preserves the borrower's credit and the property, it is not favored by large players like Fannie and Freddie. Although Fannie and Freddie posted a 76% increase in loan modifications in 2008, she said, the Federal Housing Finance Agency reported it engaged in just 16,718 short sales and took ownership of 145,183 homes.
Yet, Ms. Lang is a realist. "There are a lot of roadblocks involved in the process, like loss and risk tolerance. A ...
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