So just recently The
Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac are issuing new, clear
guidelines to their mortgage servicers that will align and consolidate existing West Sacramento short sale programs into one
standard short sale program. It’s about time.
The streamlined program
rules will enable lenders and servicers to quickly and easily qualify eligible
borrowers for a West Sacramento short sale.
The new guidelines,
which go into effect Nov. 1, 2012, will permit a homeowner with a Fannie Mae or Freddie Mac mortgage to sell their home in a West Sacramento short sale even if they are
current on their mortgage if they have an eligible hardship. Servicers will be
able to expedite processing a West Sacramento short sale for borrowers
with hardships such as death of a borrower or co-borrower, divorce, disability,
or relocation for a job without any additional approval from Fannie Mae or Freddie Mac.
The new guidelines offer
a streamlined short sale approach for borrowers most in need. For those
borrowers who have missed several
mortgage payments, have
low credit scores, and serious financial hardships the documentation required
to demonstrate need has been reduced or eliminated.
The new guidelines also
enable servicers to quickly and easily qualify certain borrowers who are
current on their mortgages for West Sacramento short sales.
With the program
changes, servicers will be permitted to process West Sacramento short sales for borrowers
with hardships without any additional approval from Fannie Mae or Freddie Mac, even if the borrowers are current on
their mortgage payments.
Borrowers will now
qualify for a West Sacramento short sale if they need to
relocate more than 50 miles from their home for a job transfer or new
employment opportunity.
The changes consolidate
existing West Sacramento short sales programs
into a single uniform program giving Servicers more clear and consistent
guidelines making it easier to process and execute West Sacramento short sales.
The changes also provide
servicers and borrowers clarity on processing a West Sacramento short sale when a
foreclosure sale is pending. The new guidance clarifies when a borrower must
submit their application and a sales offer to be considered for a West Sacramento short sale. The specific time
lines vary based on when your foreclosure sale date is scheduled
Fannie Mae and Freddie Mac will offer up to $6,000 to
second lien holders to expedite a West Sacramento short sale.
Is a West Sacramento Short Sale Right for Me? 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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