To: The United States Senate
SAVE THE TAXPAYERS WEALTH
Middle class wealth is mostly represented by their home values, which have declined greatly over the past several years. REQUIRE BANKS TO RESPOND TO SHORT SALE OFFERS IN 30 DAYS!
Currently banks do not respond to short sale offers in a timely manner, sometimes not at all. It appears they don't care or may make out better if the home goes into foreclosure, almost always selling for less. The foreclosure process can take months causing the property to deteriorate, bringing down it's value and that of neighboring properties, not to mention when it sells at a foreclosed price. These foreclosures ultimately cost all the taxpayers, especially those in the neighborhoods and communities.
By requiring mortgage holders to respond to shortsale offers, with either a written counter offer, or acceptance would help eliminate the foreclosures, and declines in property values throughout the country.
Also, allow banks to only write of the lessor of the loss suffered in a short sale / foreclosure sale. For example, if a home loan has a balance of $140,000, and a $125,000 shortsale offer is made, they may write off $15,000 and sale related expenses, even if they reject the offer and it sells for only $62,500 foreclosed. This will make them seriously consider the short sale offer, and not just reject it to avoid violating the law's time frame. Tax breaks/write offs should not be incentives to be inefficient in business.
Currently banks do not respond to short sale offers in a timely manner, sometimes not at all. It appears they don't care or may make out better if the home goes into foreclosure, almost always selling for less. The foreclosure process can take months causing the property to deteriorate, bringing down it's value and that of neighboring properties, not to mention when it sells at a foreclosed price. These foreclosures ultimately cost all the taxpayers, especially those in the neighborhoods and communities.
By requiring mortgage holders to respond to shortsale offers, with either a written counter offer, or acceptance would help eliminate the foreclosures, and declines in property values throughout the country.
Also, allow banks to only write of the lessor of the loss suffered in a short sale / foreclosure sale. For example, if a home loan has a balance of $140,000, and a $125,000 shortsale offer is made, they may write off $15,000 and sale related expenses, even if they reject the offer and it sells for only $62,500 foreclosed. This will make them seriously consider the short sale offer, and not just reject it to avoid violating the law's time frame. Tax breaks/write offs should not be incentives to be inefficient in business.
Why is this important?
Short Sales / Foreclosures