Tuesday, November 27, 2012
Monday, November 12, 2012
New Short Sale Guidelines are now in Effect
New Short Sale Guidelines Are Now in Effect
It’s
time to get out your “easy” button because it’s now easier than ever to
be approved for a short sale property.On November 1, Fannie Mae and Freddie Mac enforced a new guideline that would allow nine private mortgage companies to approve short sales and deeds without a separate review by the insurer.
The new guidelines will help minimize costs, delays and uncertainty as often times the additional review involves lengthy and expensive court proceedings.
If the new guidelines speed up the short sale process, it will encourage potential real estate in Chicago buyers to purchase more of these distressed properties, thus taking them off the market more quickly.
Another new guideline allows borrowers who can prove certain hardships to qualify for a short sale even if they are current on their mortgage payments. The specific hardships include: divorce, disability, the death of an owner and the need to relocate to a job more than 50 miles away.
Fannie Mae and Freddie Mac have also waived their right to go after borrowers for “deficiency,” which is the portion of the loan that has yet to be paid after a home sale. Under the new guidelines, a borrower will have to pay part of the remaining deficiency or sign a contract that promises they will pay some of the remaining amount.
Know anyone with a hardship and needs to sell their home? We have an experienced short sale team that has closed hundreds of short sales throughout Chicagoland! Call today! 630-977-0677 mcginnhomes@comcast.net
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| Underwater and need to short sale? Call Jeff and Robin McGinn at 630-977-0677 |
Source: http://www.chicagolandrealestateforum.com/2012/11/08/11-8-new-short-sale-guidelines-are-in-effect/
Saturday, November 10, 2012
Looking for a change?
- Keep more $$ in your pocket!
- No Hefty Royalty Fees
- Flat Fee
- Leads
- RE/MAX Design Center
- Support Services
- We screen and set your listing appointments and more!
Call Robin McGinn, Managing Broker at 630-977-0677 or email mcginnhomes@comcast.net for appointment.
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