There is no need for hardship documentation after Nov 1st , 2012. ..have you heard?
Homeowners with underwater properties have many reasons to celebrate the introduction of the new guidelines from the two government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac. On November 1, 2012 the Federal Housing Finance Agency (FHFA) – the regulator for these two GSEs – will begin new guidelines that are expected to make short sale simpler and easier.
The Perfect case scenario for the married self employed:
- Your Mortgage's up to date
- One spouse works full time (no change)
- Other spouse is self-employed (big reduction in income)
- Your mortgage is owned or guarantee by Fannie or Freddie
- You have less than 6 month's worth of savings to pay your mortgage
- Apply for the "No Documentation Required Short Sale"
- Sell your house as a short sale
- Wipe out any deficiency incurred
- Sign a two year lease contract with a similar house as the one you just sold
- After two years come back to the same neighborhood and buy similar home again!
With the current economic crisis and huge Government debt, any equity build-up for an average neighborhood will be very minimal in two years time.. .the end result could be worth hundreds of thousands of dollars to your personal financial world
ACTION PAYS in this case. .INACTION?.. YOU PAY!
Facing foreclosure can be overwhelming and scary, but by taking the right steps you may be able to save your credit and wake up from the nightmare you are experiencing today. .
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