Keep in mind that these are guidelines set forth by the Treasury Department. Not every lender will follow, but newer guidelines are better than no guidelines at all.
A couple of forms have been changed which will allow for shorter time periods. Not as much back and forth to initiate a Short-Sale.
Servicers are required to respond within 30 days, previously 45 days.
If a pre-determined hardship is verified, the short-sale can progress without the hardship affidavit stalling the time frames. It is required at the end, but doesn't stall the beginning.
The treasury used to contribute up to $2000.00 for 2nd lien holder payoff. Now they will contribute up to $5000.00.
Resale on a HAFA short-sale couldn't happen for 90 days. Now, as long as the new sale price isn't more than 120% of the purchase price, the resale can happen after 30 days. Good for investors.
All servicers should have on their websites the Short-Sale Matrix...the way a short-sale is handled by their company.
The relocation incentive paid to borrowers can be used to pay tenants to vacate after a short-sale on investment property if chosen to do so. Of course must be disclosed to lender/servicer.
And, needless to say, I've received some secret e-mails and toll-free numbers to help sellers even more
if their servicer/lender isn't cooperating!