SHORT SALE UPDATE...
New Fannie, Freddie Short Sale Guidelines in full effect:
Nomissed payments
required to have your short sale approved. This is an important change
because the MISSED payments prior to a short sale are what kills credit scores much more than the actual short sale.
These hardships include:
Fannie Mae and Freddie Mac will waive the right to go after borrowers for the “deficiency” To qualify, the borrower will have to pay part of the deficiency or sign a contract promising to pay some of it. Example, the borrowershort sales
a home and the bank loses $50,000. To avoid a deficiency judgment the
borrower would want to agree to pay $5000 (10%) of the loan back to the
lender over time. Typically, low (or no) interest for 3-5 years.
NOTE: In states like California there are no Deficiency Judgments for more owners.
Paying off Second Lien Holders
Fannie Mae and Freddie Mac will pay up to $6,000 to second lien holders to speed up the short-sale process.
No
These hardships include:
- The death of an owner.
- Divorce.
- Disability.
- The need to relocate more than 50 miles for a job transfer or a new job.
Fannie Mae and Freddie Mac will waive the right to go after borrowers for the “deficiency” To qualify, the borrower will have to pay part of the deficiency or sign a contract promising to pay some of it. Example, the borrower
NOTE: In states like California there are no Deficiency Judgments for more owners.
Paying off Second Lien Holders
Fannie Mae and Freddie Mac will pay up to $6,000 to second lien holders to speed up the short-sale process.
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