WASHINGTON – May 2, 2011 – The rush is on for banks to meet a mid-June deadline in offering up plans on how they plan to meet a set of guidelines by U.S. regulators to clean up their foreclosure procedures. The banks will have another 60 days after that deadline to implement the changes.
As part of the rules set by U.S. regulators, 14 financial institutions will be required to provide a single point of contact to borrowers trying to modify a loan or in the foreclosure process as well as set “appropriate deadlines” for deciding whether borrowers can get a loan workout. Regulators are also requiring banks to ensure their staffing levels are on par to handle the flood of foreclosures and loan modifications.
Several banks have already taken steps to implement the changes
Read more at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259392
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My take?
Banks are working to get rid and fix this mess.
What is the number one items they need to work on?
Selling Short Sales in a timely manor. In under 45days. If a short sale takes place than 90 days then people at the bank needs to be fired and the bank should be FINED!
As part of the rules set by U.S. regulators, 14 financial institutions will be required to provide a single point of contact to borrowers trying to modify a loan or in the foreclosure process as well as set “appropriate deadlines” for deciding whether borrowers can get a loan workout. Regulators are also requiring banks to ensure their staffing levels are on par to handle the flood of foreclosures and loan modifications.
Several banks have already taken steps to implement the changes
Read more at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259392
___________________________________
My take?
Banks are working to get rid and fix this mess.
What is the number one items they need to work on?
Selling Short Sales in a timely manor. In under 45days. If a short sale takes place than 90 days then people at the bank needs to be fired and the bank should be FINED!
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