Still haven't started your Short Sale? Change is in the air ...

If you have yet to commence your Short Sale endeavor, be prepared because change is in the air ... Bank of America has announced some changes to their program to take effect October 1, 2013 ... •New or different documentation requirements for verifying assets, income, and expenses •Deficit Income Test (DIT) will be used to determine a homeowner's financial hardship •Possible elimination of the financial hardship/deficit income preforeclosure sale requirement for: ◦service members who have received Permanent Change of Station (PCS) Orders, or ◦homeowners who are deemed eligible for a streamlined preforeclosure sale option •New validation requirements for appraisals •Different dual agency/brokerage requirement: to meet the new short sale purchase contract addendum requirements, brokers and their agents may represent either the buyer or the seller, but not both parties While you're considering all this and how it affects you, please remember that the Federal Debt Relief Act of 2007 ran through 2012 and quite close to year end finally it was extended thru 2013. There is no conversation about it at this time. The fact that you might miss out on the largest benefit of the Short Sale process should not make you think twice about a Short Sale, it should make you call a qualified Realtor who is a Short Sale expert. looks for designations like mine ... SFR - Short Sale Foreclosure Resource and CDPE - Certified Distressed Property Expert (The better of the two). Best of luck to you and Keep the faith !!!