Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Did You See The Important Bank of America Short Sale Agent Update Affect Dual Agency?

On 9-27-13 Bank of America issued a Short Sale Agent Update which indicated in part that the HUD 2013-34 Mortgagee Letter has announced that they are postponing, until further notice, a portion of the preforclosure participation requirement on a FHA Short Sales. Of pertinent part to most agents is that the FHA is delaying the prohibition on dual agency/brokerage that was previously included in Mortgagee Letter 2013-23. As revised by the FHA’s new announcement, brokers and their agents may now continue to represent both the buyer and the seller in FHA short sales, but the existing arm’s-length requirements still remain in effect.

*This information is not intended to be legal advice. This information is subject to change, please contact us for more information.

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