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New Revised Short Sale Policies for Fannie Mae & Freddie Mac Loans

September 6th, 2012 Written By Carol Pawley

Did you know Fannie Mae & Freddie Mac are revising their short sale policy?

Starting November 1, 2012, owners whose loans have been purchased or guaranteed by Fannie Mae or Freddie Mac may qualify for a short sale if they fit key “hardship” criteria including: unemployment; long-term disability; a change of employment that is more than 50 miles from the current home; divorce; a business failure; death of the primary or secondary wage earner; or a natural or man-made disaster.

Borrowers, who are far behind on payments, have poor credit scores and are facing financial strain, will be eligible for a simplified short sale process, including reduced documentation and faster resolutions than usual.

Also Fannie Mae and Freddie Mac will allow borrowers who are current on their mortgage payments (not seriously delinquent as usually required) to be eligible for a short sale, provided they fit the “hardship” criteria. Other key changes include members of the armed forces who receive permanent change-of-status orders and are underwater will be automatically eligible for short sales, even if they are current on their loan payments and in states where Fannie and Freddie have the legal right to pursue “deficiencies” when short sale proceeds do not pay off the existing debt, they will waive that right and instead ask borrowers who have sufficient assets or income to make “cash contributions” or execute promissory notes to cover part of the shortfall.

Do you think the new policy will help struggling homeowners to choose a doing short sale rather then having their home foreclosed?

 To find out whether your loan is owned by Fannie or Freddie, visit either FannieMae.com/loanlookup or FreddieMac.com/corporate.

Great to have you on my site! Seeking to sell or buy property in Coconut Grove, Coral Gables, or anywhere in Miami? I can assist you. Real estate is my area of expertise and Miami-Dade the place I grew up. I know the communities, the schools, the culture, and the business of real estate. I’ve consistently ranked in the top 1% of my field, locally and nationally. I’d love to have the opportunity to introduce myself and discuss your real estate needs. Let’s connect: PH 305-992-6188,EMAIL: carolapawley@gmail.com

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