Federal banking regulators recently announced a new mortgage foreclosure settlement to replace a 2011 settlement between the regulators and certain home loan servicers. Lenders participating in this new settlement, including Bank of America, Citigroup, Wells Fargo, JPMorgan Chase, MetLife Bank, PNC, Sovereign, Sun Trust, U.S. Bank and Aurora, have agreed to distribute $8.5 billion to settle complaints alleging that some homeowners were improperly foreclosed upon. A portion of the settlement, in the amount of $5.2 billion, will be provided to certain borrowers in the form of loan modifications, forgiveness of deficiency judgments and other relief, while the balance of the settlement will be paid directly to other eligible borrowers

Did you know that if the buyer of a Short Sale is a Limited Liability Company (LLC) or Corporation, there are specific documents that must be completed? If required documents are not provided, processing of the Short Sale will be delayed, and ultimately the file will be closed if not supplied timely.