Mortgage giants Fannie Mae and Freddie
Mac have issued new rules, which will take effect Nov. 1, that
will allow West Sacramento short sales for underwater
borrowers who have never missed a mortgage payment.
Previously, Fannie and Freddie allowed only home owners who had missed payments to qualify for a short sale. Eligible borrowers under the new rules will still need to show a hardship to qualify for a short sale.
Previously, Fannie and Freddie allowed only home owners who had missed payments to qualify for a short sale. Eligible borrowers under the new rules will still need to show a hardship to qualify for a short sale.
Great news for those who
are trying to do the right thing by staying current. There are a number of
other changes as well including requiring servicers to
acknowledge receipt of a short sale offer within three business days and notify
the borrower within five business days if the information is incomplete.
Within thirty days, the
servicer must send an evaluation notice or notify the borrower that the offer
is still under review. If the offer cannot be fully evaluated within 30 days,
the servicer must update the borrower on the status each week thereafter.
Servicers will also be required to keep Fannie Mae apprised
if a short sale evaluation takes longer than 30 days.
Now don’t get evaluation
confused with approval. Under the new guidelines Fannie and Freddie still
have up to 60 days after a complete Borrower Response Package or BPR to respond
to the borrower. Notice emphasis on complete. Experience tells us that the
package can be rejected for even the tiniest of details further delaying the
process and extending the time to receive approval.
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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