PART I: THE PROBLEM

The Home Affordable Modification Program (HAMP) proved to be a failure. In part, this has triggered an increase in the number of short sales. As a result, the short sales process has presented a great deal of frustration as well as challenges to the real estate community due to countless reasons including:

1. Limited experience. Many REALTORS are new to the short sales process; a difficulty which is compounded by many lenders’ lack of understanding a specific market and lack of sufficient and experienced staff to process short sales. Even if the REALTORS are experienced, most servicers are under-staffed and ill trained, making negotiating short sales extremely difficult and challenging.