It's Short Sale Time.....cont'd

Setting the Standards


That short sales continue to gain sway is evident in recent comments by industry execs, who give props to HAFA's efforts to standardize what once was a one-size-fits-none mess of paperwork and perplexities that left many wringing their hands in frustration.

Scott Brinkley, EVP of outsourcing and technology solutions at First American Corporation, acknowledges that servicers are now seeing short sales in a new light. "Short sales tend to be the most cost-effective liquidation strategy for servicers and investors. Since the borrower usually participates in the process, the timeline to work through a short sale, compared to a foreclosure sale, is much shorter. And there's less risk of property damage."

Dave Sunlin, a VP at Bank of America, sung its praises in a recent Washington Post article on the HAFA plan: "We're very pleased. We welcome any effort to reach standardization for all parties (involved in short sales)."