Didn’t make that up – the real estate industry coined the phrase in an affectionate reference to HERA and HOEPA.
The economic recovery act is in full swing in my life. I’m sure it must be in a good way, but it’s hard to feel all the love with this enormous headache.
Two acts passed by Congress in 2008 affecting real estate transactions are intended to enhance the level of information available to homebuyers regarding the costs and structure of their home purchase. HERA is the Housing and Economic Recovery Act and HOEPA is the Home Ownership and Equity Protection Act.
Essentially, several steps throughout the loan application and purchase transaction processes now require built-in milestones for mandatory information disclosure and consumer review waiting periods. With my lender, the process has not been troublesome to manage. However, as a good girl that follows instructions, I adhered to the checklist, submitted everything on time, signed all the documents, faxed them back, kept copies, and met the deadlines required.
Not exactly the case with the homebuyers of my particular property. Their sense of urgency does not quite match my own and there is a big possibility our closing date will slip, as a consequence. Not sure just when we will close, but our target date is just not looking so good at the moment.
Again, turning it over.