It was recently announced that
military homeowners who receive Permanent Change of Station (PCS) orders can
sell their homes via short sale without having to go into default
first.
Last year, Fannie Mae
and Freddie
Mac issued guidance to servicers to have PCS orders count as a
hardship for military members seeking relief.
The new policy takes an even greater
step forward and will allow military members with PCS orders to sell a primary
residence purchased on or before June 30, 2012 for less than the balance on
their mortgages even when current on their payments. Many times West Sacramento Short sale transactions require
homeowners to be delinquent on their mortgage although we have completed a
number of Fannie short Sales where the borrower never missed a payment.
The GSEs also won’t pursue a
deficiency judgment or a contribution under the new policy.
Since PCS orders require military
members to relocate, they can create a hardship, especially at a time when
millions are underwater and can’t sell their home due to negative equity. This
led many service members to be stuck with two residences or to default on their
mortgage.
The new rule is only applicable to
military homeowners with a GSE-backed mortgage and this information can be
checked by visiting Fannie Mae or Freddie
Mac online.
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info
for a free estimate or call me today for a free no obligation consultation or
for the latest West Sacramento short sale information. Call me
today and sleep better tonight; you’ll be glad you did
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