Pilot Program Reduces Short-Sale Waits
January 20, 2009
PHOENIX -- Countless Valley foreclosures may be prevented thanks to a pilot program that will speed up the short-sale process drastically.
The program, which just started and is only available in the Valley and in Orlando, Fla., will allow mortgages owned by Fannie Mae and serviced by Countrywide with no other liens to be pre-approved for a short sale price.
The average wait for short-sale bank approval is about three months, but this program could shorten the wait to as little as one month.
"In today's market, that's just way too long to wait for an approval," said Travis Olsen, president of the Scottsdale-based National Short Sale Center. "Anything to get these homes sold would be welcome."
Anthem resident Holly Mathews has seen vandals tear into two empty homes for sale on her block.
"It's just sad to see the homes just sitting there," Mathews said.
