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Shorter Short Sales on the Horizon?

The settlement that involved the five largest mortgage servicers and several state attorneys general includes new requirements for short sales, which is expected to speed up the often lengthy process. The new requirement for servicers under the settlement include: servicers must provide borrowers with a decision within 30 days after receiving a short sales package request; servicers are required to notify a borrower, also within 30 days, if there are any missing necessary documents to process the short sale request; servicers must notify a borrower immediately if a deficiency payment is needed to approve the short sale, as well as an estimated amount for the deficiency payment; servicers must form an internal group to review every short sale request; and banks will be considered in violation of the settlement requirements if they take longer than 30 days on more than 10 percent of the short sales requests.

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