Good news for sellers! Short sales are about to get a little bit easier under new guidelines, effective November 1st. We all know how tough a short sale can be, and how important it is for the seller to work with the right agent who has experience in completing short sales and the resources to get the job done.
According to this article in the Wall Street Journal, "One part of the plan is for Fannie and Freddie to place a $6,000 cap on the amount of money holders of second mortgages can receive when the sale is completed, as a way to prevent the mortgage holders from haggling over their slice of the home-sale proceeds. Those second-lien holders would still be able to reject the sales if they saw fit.
Under the new rules, homeowners with missed mortgage payments would be allowed to submit fewer documents for short sale approval. Approvals would be speedier for situations of hardship. Less hassle and less waiting will make the short sale process much smoother, and we are certainly looking forward to November 1st. What are your thoughts on these new changes?
If you need to do a short sale in Philadelphia, contact us!
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