southern nh short sales: Short Sellers - Ability To Buy Again Becomes Easier
- 01/20/14 02:05 PM
Over the last several years, Fannie Mae, Freddie Mac and FHA have become more open to the idea of once again providing financing for folks who have been willing to cooperate in a short sale. Fannie and Freddie have both indicated that, depending upon down payment and the circumstances surrounding the reason for the short sale, they will consider providing financing again in as little as two years: FANNIE MAE: Here is the Waiting Period For Financing After A Short Sale - straight from the Fannie Seller's Guide:
FREDDIE MAC: Freddie Mac also indicates that they will lend … (2 comments)
southern nh short sales: Freddie Mac on Short Sales: New Year, New Guidelines-Short Sales Are More Attainable
- 01/14/14 12:12 PM
According to Freddie Mac's Senior Vice President of Single Family Servicing and Real Estate Owned, a short sale is a superior alternative to foreclosure if you have determined that you can no longer afford to keep your home and you have determined that you cannot sell your home for enough money to pay off your mortgage(s). A short sale may be an option even if you are current on your payments as long as the property is your primary residence, you have an acceptable hardship and your debt to income ratio is greater than 55%. If you have a 2nd mortgage, … (0 comments)
southern nh short sales: Having Trouble Keeping Up With Your Loan Mod Payments? Don't Give Up!
- 05/15/13 12:03 AM
Having trouble keeping up with your Mortgage Loan Modification payments? You're not alone! According to a report recently released by the Treasury and HUD, almost a quarter of the borrowers who entered into the Home Affordable Modification Program (HAMP) over the last two years have been disqualified. This is significant because the HAMP program is the most generous and stable of the Modification options out there and has had the highest success rate. According to the report, almost 11% of those disqualified ended up in foreclosure. However, over 12% successfully pursued a foreclosure alternative such as a Short Sale. As a … (0 comments)
southern nh short sales: Who Needs A Southern NH Short Sale? Easy No Doc Modifications Are Here!
- 04/01/13 01:16 AM
If you are an underwater Homeowner and have been considering a Southern New Hampshire short sale because you have (by now) heard all the horror stories about the impossibility of obtaining a meaningful loan modification you might be tempted to rush out and apply for the "Easy No Doc Streamlined Modification" that FHFA has just begun trumpeting. After all, according to the March 27, 2013 FHFA News Release, "Beginning July 1, Servicers will be required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their … (2 comments)
southern nh short sales: Fannie & Freddie's New Short Sale Guidelines - Beyond The Bullet Points
- 03/27/13 07:57 AM
Ever since FHFA announced that it had directed Fannie Mae and Freddie Mac to issue new, "clear" guidelines for short sales to their mortgage servicers, there have been numerous blog posts and news articles highlighting the guidelines. If you've missed them, don't worry. They are all a reiteration of FHFA's News Release and Fact Sheet and, therefore, have the same information, which I will repeat here before going into a little more detail. The Bullet Points The New Guidelines Will:
Align and consolidate existing short sale programs into one standard program that will enable lenders to quickly and easily qualify … (3 comments)
southern nh short sales: Fannie Mae: "Getting Short Sales Done Benefits Everyone Involved"
- 02/13/13 11:18 PM
Fannie Mae VP of Real Estate Sales, Jay Ryan, recently went on record pledging Fannie's support of short sales as a viable foreclosure prevention tool. He further stated, "Getting short sales done benefits everyone involved and we're committed to doing our part." This is good news for underwater homeowners who need to sell their home through a short sale in Southern New Hampshire since Fannie Mae is the nations largest "owner" of loans. This means that regardless of who you make your payments to (Bank of America, Wells, Chase,etc.) there is a good chance Fannie Mae owns your loan. The even … (4 comments)
southern nh short sales: Is That Southern NH Short Sale Specialist Really A Specialist?
- 01/21/13 11:58 PM
IS THAT SOUTHERN NH SHORT SALE SPECIALIST REALLY A SPECIALIST? HOW MANY SHORT SALE APPROVALS DID YOUR SOUTHERN NEW HAMPSHIRE "SHORT SALE SPECIALIST" ACTUALLY OBTAIN LAST YEAR? 2013 has been dubbed the year of the short sale. On the bright side, positive changes have been made by Fannie Mae, Freddie Mac and the Treasury in their short sale processes. On the not so bright side, everywhere an agent turns, they are being encouraged to beef up their flagging business by becoming a "short sale specialist". Many companies are offering agents short courses that culminate in a designation and "niche" Short Sale … (3 comments)
southern nh short sales: $8.5B Settlement May Be Good News For Short Sales!
- 01/08/13 09:12 PM
On Monday, January 7, 2013, the Office of the Comptroller of the Currency and the Federal Reserve announced they were canning the much maligned and deeply flawed "Independent Foreclosure Review" program and instead had reached an agreement with 10 of the country's largest Mortgage Servicers. Although the $8.5 billion dollar settlement agreement has already elicited criticism for being fuzzy on details and potentially offering a less than generous payout to wronged homeowners (estimates put the amount per borrower somewhere between $870 and $2,200), it could be very good news for those who have determined that they no longer wish to keep … (2 comments)
southern nh short sales: Is The HAFA Short Sale Program Expiring?
- 01/03/13 09:26 PM
On November 1, 2012 the Treasury released Supplemental Directive 12-07 updating the policies for the Home Affordable Foreclosure Alternative Program (HAFA) with a directive that all Servicers must implement the changes by February 1, 2013 (unless prohibited by the investor - but that's a whole other story). Many folks handling short sales, apparently, were not aware of the upcoming changes until December 17, 2012 when the Treasury's Director of Policy and Homeownership Preservation, Laurie Maggiano, appeared on a major short sale webinar. On December 18, 2012, Bank of America released a notice indicating that the Fannie Mae and Freddie Mac HAFA Short … (2 comments)
southern nh short sales: Good News For Short Sales-Mortgage Forgiveness Debt Relief Extended!
- 01/02/13 04:01 AM
In a real "Cliff Hanger", the "American Taxpayer Relief Act of 2012" was passed by the Senate at 0 Dark Thirty on New Years Eve and by the House at 10:30 EST last night . It is expected to be signed into law by President Obama within the next few days. This is good news for America's underwater homeowners who may need to short sell their home as it extends the 2007 Mortgage Forgiveness Debt Relief Act through the end of 2013. The Mortgage Forgiveness Debt Relief Act, which was due to expire at midnight on December 31, 2012, generally allows … (0 comments)
southern nh short sales: New Shortsale Guidelines - 3 Things Every Underwater Homeowner Needs To Know
- 10/30/12 10:19 PM
If your mortgage loan is owned by Fannie Mae or Freddie Mac (regardless of to whom you make your monthly payments) big changes are coming to the way short sales are handled starting November 1, 2012. So, if you need to sell your home, and you're underwater, read on to learn about 3 important changes that may impact you! The new guidelines will permit a homeowner to obtain approval for a short sale EVEN IF THEY ARE CURRENT ON THEIR MORTGAGE if they have an eligible hardship. What is an eligible hardship, you ask? Death of a borrower or co-borrower Long … (2 comments)
southern nh short sales: Bankruptcy Baloney
- 03/22/12 12:29 AM
I received a phone call from one of my short sale clients the other day. He owns a condo worth $60,000 which he owes $140,000 on. When we first met we discussed the various options open to him and he assured me he had already looked in to bankruptcy but had ruled it out since the only thing really holding him down were his two mortgages on the condo. I listed the condo and found him a cash buyer (a must since with a value this low and an investor ratio that is high it is pretty much impossible to … (5 comments)
southern nh short sales: FOUR HOURS IN THE LIFE OF A REAL ESTATE AGENT
- 03/18/12 03:18 AM
My husband was playing solo piano at a fund raiser the other night for a Homeless Shelter. It was for a good cause and it promised to be a fun evening so I had every intention of going. However, this is how my day went from 4:00 on: I contact my buyer client as I am wondering why he has not gotten back to me regarding the draft I sent him (at 1:00) of a suggested response regarding a home inspection issue. He and I have been in constant communication about this over the last several days, collecting information and obtaining estimates. Today … (4 comments)
Over the last several years, Fannie Mae, Freddie Mac and FHA have become more open to the idea of once again providing financing for folks who have been willing to cooperate in a short sale. 
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