Yesterday, I wrote a post talking about 5 tips when considering the short sale of your home. The post was written after a local home owner, wanting to move back to their old home state, considered a short sale or even allowing their home to go back to the bank via foreclosure.
This homeowner never mentioned hardship or an inability to re-pay his loan. He merely wanted *out* of his current home.
I've given this some thought over the last few days - I'm not sure why this home owner thinks a short sale or a foreclosure is an easy answer. Perhaps the media hasn't done a good job of talking about the ramifications of these acts. Perhaps real estate agents haven't done a good job; perhaps mortgage brokers and loan officers haven't talked enough about the years to come after a short sale or a foreclosure.
The rules of buying a home and obtaining a mortgage have changed greatly over the last six months and I predict we'll see other changes as well.
In July of 2008 Fannie Mae issued an announcement, Announcement 08-16, specifically addressing bankruptcy and foreclosure policy changes. These changes were effective August 1st, 2008. In all, Fannie Mae issued thirty-eight (38) Lender Announcements in 2008! Rules are changing!
I encourage you to talk to your Lender, talk to your Attorney, talk to your Tax Adviser and talk to your local Real Estate Agent before making any decisions on the status of your home and your mortgage. The decisions you make today can have an impact for years to come - up to even seven (7) years!
More on Short Sales: 5 tips to consider when thinking of a short sale
Writing a Hardship Letter: Short Sales: What should my Hardship Letter say?
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Contact Debbie DiFonzo, Broker, United Country VIP Realty to sell your property or to buy property in Lebanon, Conway, Marshfield, Buffalo, Bennett Springs and the surrounding areas. I specialize in country homes, hunting land, river front property, dairy farms, large acreage and commercial property in Southwest Missouri. 417-532-2031 Lebanon MO office phone or email: missouriagent@msn.com
Copyright © 2009 By Debbie DiFonzo, All Rights Reserved. Five Tips to remember when thinking about a short sale.
Disclaimer: The information provided herein is obtained from multiple sources and is deemed accurate but not guaranteed. Information subject to change without notice.
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