Faster Short Sales
Officially Freddie Mac says short sales are getting much shorter. Freddie has launched the Standard Short sale program which they claim will speed up the short sale process and make it easier and more transparent. Tracy Mooney, Freddie Mac official, recently wrote, "We estimate that the time to complete a short sale will decrease by approximately 50 percent to 75 percent."
The changes at Freddie Mac include:
- Mortgage servicers have 30 days to make a decision once they receive a short sale application. If they need to negotiate with a third party, they have 30 additional days. A final decision on the short sale must be made within 60 days.
- Mortgage servicers are required to acknowledge they received the short sale application within three days of submission and must provide weekly status updates.
- Mortgage servicers have authority now to approve short sales when qualifying financial hardships for home owners who are past due or current on their mortgage payments.
- Mortgage servicers are also now able to approve short sales without seeking a separate review by the mortgage insurance company.
- Following a short sale, home owners may be able to qualify for up to $3,000 in relocation assistance.
To find out if your loan is owned by Freddie Mac check out their Loan Look-up Tool.
It is not just Freddie Mac who is streamlining their short sale process. Most lenders, especially the big ones, like Wells Fargo, Bank of America and Chase have, over the past year, developed online systems to process short sales faster and easier. When we first started doing short sale at MagnumOne Realty, the lenders treated us like criminals who were trying to steal from them. Today they refer to us as partners.
Should you consider a short sale and when to they make sense?
If your goal is to stay in your home and all retention options have been exhausted or not possible, a short sale is a good alternative to foreclosure. It allows distressed homeowners to gracefully leave their home and move to more affordable housing. It is less damaging to your credit report than a foreclosure and reduces the amount of time a borrower needs to wait to get a new mortgage down the road.
Short sales are also extremely beneficial if you need to sell a home which is valued at less than the current mortgage balance. Short sales are commonly approved for borrowers who are not in financial distress but have legitimate reasons to sell their home. We have completed short sales for a variety of reasons including divorce and job transfers. In addition we have successfully completed short sales for families who need a larger home, smaller home and or have other reasons for moving.
A short sale may make sense if you:
- Do not qualify for any options to keep your home, including a loan modification, forbearance, or reinstatement.
- Need to move in order to keep or obtain employment or have other legitimate reasons for moving
- Don’t think you could sell your home at a price that would cover your outstanding mortgage amount.
If you or someone you know is considering selling a home which is currently worth less than you owe, give me a call at the MagnumOne Realty office in Roseville (916-899-6571) or send me an email to JulieJ@Jalone.com. I would be happy to answer your questions and help you.
About Realtor Julie Jalone
Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor ® serving
the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.
Julie may be reached online at www.jalone.com or by calling (916) 276-6883
Check out her daily web blog: Keep it Real in Sacramento
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News HeadlinesGreat Eldorado BBQ, Brews and Blues FestivalRENO, NV - Fire up the grills, tap the kegs and crank up the tunes for Reno's best summer kick-off party. The Eldorado Resort Casino is pleased to announce the Spin Doctors and Vanilla Ice will headline
William Jessup University Announces Largest Graduating ClassROCKLIN, CA., - William Jessup University, the first WASC accredited private, four-year residential Christian university in the greater Sacramento region will celebrate its 77th annual
Sonoma County Outdoor Recreation Month in May SONOMA COUNTY, CALIFORNIA - Celebrate one of California's most diverse natural destinations as Sonoma County announces its inaugural Outdoor Recreation Month in May
Monophonics Sure is Funky at TerrapinSan Rafael,CA- As the mercury pushed into the 70's this past Friday, music fans began slowly dancing their way toward Terrapin Crossroads in San Rafael.
Storms Bring Good News for Water SupplyAUBURN, Calif. - Despite a dry start to 2018, storms in late March and early April have produced above-average precipitation in the watersheds that source Placer County Water Agency's
PCF Awards $18,000 in Grants to Promote Civil Discourse(Auburn, Calif.) - Open dialogue and communication are key elements in maintaining a healthy, connected community. To encourage debate, Placer Community Foundation
Dog Abandoned in Roseville under Inhumane CircumstancesRoseville, Calif. - A dog was found abandoned in a corner of the Atlantic Street Pet Emergency Center parking lot under terribly inhumane circumstances
Sun City Roseville Harmonicoots 2018 JamboreeRoseville, CA- This year, the Harmonicoots will honor all women harmonica players throughout the world at their Jamboree-scheduled for Thursday, May 8, 2018
Roseville Gas Prices Hold Steady Past Week Roseville, CA,- Roseville gas prices were relatively flat this past week, but remain at levels pushing near 2014 levels at some locations
Successful Transitions for Young Adults with Neurodevelopmental DisordersSacramento, CA- For many people with disabilities, the excitement of life after high school is accompanied by challenges with finding and receiving the services and supports
Passport Weekend Spectacular Fun in Fair PlayFair Play, CA- California is always full of surprise. This weekend marked our return to El Dorado Wines Passport Weekend.
Growing Weed in Placer County? Rules and ComplianceAuburn, CA - With Placer County's cannabis ordinance now in effect for over a year, county staff will host three drop-in meetings in May to answer questions about rules for cannabis cultivation
NEWS: In Case You Missed It