IMPORTANT UPDATE – this is a must read for anyone participating in short sales.
The Federal Housing Finance Agency has announced new standard short sale guidelines for Fannie Mae and Freddie Mac. The program is aligned to expedite assistance to Borrowers.
Click here for the Official News Release
Click here for the Freddie Mac Bulletin
Click here for the Fannie Mae Announcement
These new guidelines will go into effect Nov 1st 2012 – here are the highlights:
- Offer a streamlined short sale approach for borrowers most in need.
- Enable servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales.
- Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissory notes.
- Offer special treatment for military personnel with Permanent Change of Station (PCS) orders.
- Consolidate existing short sales programs into a single uniform program.
- Provide servicers and borrowers clarity on processing a short sale when a foreclosure sale is pending.
- Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale.
I encourage you to click on the links above and take a couple of minutes to read them – this is good news! If you have any questions, contact me through my site or call me direct at 480-797-6000.
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