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
- Donít 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.
NEWS: In Case You Missed It
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
Placer County News HeadlinesRoseville 5th Graders Provide Inspiration to PatientsEach month, fifth-grade students from Stoneridge Elementary School's Leadership Club visit Sutter Rehabilitation Institute (SRI) in Roseville to visit patients.
Rocklin Unified's Beleaguered Special Ed Program Seeks ChangeThe Rocklin Unified School District has contracted with WestED to perform a study on its beleaguered Special Education department.
Roseville Charity Hearts that Care Partners with Placer SIUOn December 17th, 2014, The Placer County Special Investigation Unit (SIU), a Placer County Law Enforcement Task Force comprised of State and local Placer County law enforcement
Roseville Crime Report Digest Update (12.19.14)Crime report digest update for Roseville California, December 19, 2014
Food for 400,000 Meals Raised for Placer Food BankThunder Valley Casino Resort and Whitney Oaks Golf Club have collected over 50,000 pounds of food for Placer Food Bank food drive.
Rocklin Man Victim of Elder Abuse and ID TheftLaura Kirkwood, 23 years old of Sacramento, was arrested and booked at the Placer County Jail on suspicion of elder abuse and ID theft of a 74 year old Rocklin man.
Shocking Find in Colfax Storage Unit: Human RemainsA woman called the Placer County Sheriff's Office to report a foul odor coming from an abandoned storage unit that she had just purchased through an auction
Napa Valley's New Year's Eve Bash in CalistogaCome celebrate the New Year with the return of Celebrate! Napa Valley's New Year's Eve Bash on Dec. 31, 2014 at 10 p.m. in Calistoga, Calif.
Murders by Guns Continue Declining, Suicides On RiseWhile the overall death rate from firearm violence has remained unchanged for more than a decade, the patterns for suicide and homicide have changed dramatically
Sutter Health Donates to Placer Food Bank Roseville, Calif., - One in six people in California go hungry, including many in Placer County. To help provide meals for those in need, Sutter Health provided a donation
Nobel Prize Winner to Speak at MIND InstituteThomas C. Sdhof, recipient of the 2013 Nobel Prize in Physiology and Medicine, will address his research on how defects in a 'glue' that binds together proteins at the neuronal synapses may play a role in the etiology of autism spectrum disorder
New Low Down Payment Mortgages: As Low As 3 PercentRoseville Realtor, Julie Jalone of MagnumOne Realty, writes about new low down payment loans being backed by Fannie Mae and Freddie Mac.
NEWS: In Case You Missed It