Breaking News: GSE Short Sales No Longer Require Default

I was so excited when I heard the news yesterday that sellers don't have to be in default anymore to do a government short sale, I was jumping up and down. Thanks to my friend at Bank of America who sent me the press release from FHFA. My handyman was over at the house working on my garage roof, so I yammered on and on about it to him. Not that he probably cares but he has more to say to me than other occupants of the house, which would be meow, meow.

This is huge. HUGE. The FHFA had just announced that sellers who want to do a Fannie Mae short sale or Freddie Mac short sale no longer need to be in default. These sellers can be current on their mortgage payment. As long as they have a hardship, the bank will be given delegated authority to approve their short sale. The new guidelines go into effect on November 1, 2012.

As I was jumping up and down with glee over this short sale news, Ken Harney at the Washington Post called to talk about it. I bent his ear for a while, too. I imagine you'll see a piece soon by him online.

Read more about Feds to Allow Current Mortgage Payments for Short Sales.

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Certified HAFA Specialist

 

Sacramento Real Estate Listings

Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available with free shipping.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.