Short Sale Qualification Guidelines

By
Real Estate Agent with RE/MAX Suburban
https://activerain.com/droplet/NML

Short Sale Guidelines - See if you qualify!

With current Short Sale changes that have recently taken place, homeowners with eligibleshort sales, 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.
  • Unemployment
  • Divorce
  • 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.

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lyn sims remax suburban  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)230-7324
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Topic:
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Location:
Illinois Cook County Schaumburg
Groups:
Realtors®
Advice for Sellers
Tags:
short sales
schaumburg il short sales

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Rainmaker
3,977,717
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have had several people want to do a short sale and they could easily affoard the payment.

Just because the current value is lower than the current price.  I don't see people doing this when they buy a car!

Jan 02, 2013 03:50 AM #1
Ambassador
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Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

I had a family that wanted to do a short sale but refused to give their lender their tax returns or other required information. So I did not try to list the short sale. (They were supposed to have the information to them within 15 days.) A few months later their lender contacted me wanting to know if I listed the property?! I still don't get it?

Jan 04, 2013 01:07 AM #2
Rainmaker
1,507,651
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Joni:  Seems like the sellers were scamming you. They tell the lender the house is listed, you know nothing about it & there goes another couple of months in the house.

Bill:  Have to have one of those hardships.

Jan 04, 2013 03:08 AM #3
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Rainmaker
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Lyn Sims

Schaumburg IL Real Estate
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