Short Sale Guidelines - See if you qualify!
With current Short Sale changes that have recently taken place, homeowners with eligible hardships can sell their home in a short sale even if they are current on their loans. FHFA, Fannie Mae & Freddie Mac are making these changes to help more homeowners avoid foreclosure, keep homes occupied & help maintain stable communities.
Eligibility Requirements for a Short Sale:
- Your existing loan must be owned or guaranteed by Fannie Mae or Freddie Mac. (see here how to check that)
- The person must demonstrate a financial hardship which includes:
- Death of a borrower of the primary or secondary wage earner in the household.
- Long-term disability
- Distant employment transfer/relocation (more than 50 miles one way)
- Increased housing expenses
- Disaster (natural or man-made)
- Business failure
The Making Home Affordable Site gives you information on the short sale process, see if you qualify for it and how to contact your lender.
If you then decide to sell your house, please contact me for an appointment and we'll go thru the entire process from start to finish.