Yellow Pages |   News Updates |   Local Jobs |   Events Calendar |   Movie Times |
Rocklin and Roseville Today Local Events Calendar
    (Independent and Locally Owned)
 

Faster Short Sales


Share It.




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.






more news Print This Article


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 Headlines

Roseville Hit and Run Reward OfferedRoseville Crime Stoppers is offering a $500 reward for information leading to the arrest of a wrong-way driver who crashed into another car and then fled the scene

Free Alzheimer's Caregivers Workshop at UC DavisOnline registration begins Nov. 4 for the UC Davis Mini Medical School, a series of Saturday classes ideally geared for foresighted middle-agers and novice seniors

Roseville California Crime Brief (10.29.14) Crime brief update report for Roseville, California October 29, 2014.

Halloween Safety TipsCostumes, jack-'o-lanterns, haunted house and scary ghost stories mark this time of year as all kids of all ages enjoy the spirit of Halloween

Memorial for Slain Officer to be Held in RosevilleThe memorial service for Detective Michael Davis, who was killed in the line of duty will be held Tuesday, November 4, 2014, at 10:00 a.m. at Adventure Christian Church

2,400 Volunteers Turn Out in Rocklin for Annual EventMore than 2,400 volunteers packed 520,992 meals for malnourished children around the world at a three-day event at William Jessup University in Rocklin.

Free Tax Seminar in Roseville for Small BusinessesBoard of Equalization Member George Runner is sponsoring a free tax seminar in Roseville for small businesses

Sinking Gas Prices Won't Last The U.S. average price of gasoline ($3.03/gal) continues its slide to levels last seen in December 2010... and today, more than one-half of the nation's gas stations offer regular

Dutch Bros. to Raise Funds for Fallen Officers' Families Dutch Bros. Coffee owners in the Sacramento area are raising funds to support the families of Sacramento Sheriff Deputy Danny Oliver and Placer County Sheriff's Detective Michael David Davis Jr.

Gas Prices Hovering Around $3 GallonRoseville, CA -Average retail gasoline prices continue to plummet now hovering just around $3 a gallon in many locations.

Volunteers Bring Smiles to PeruThough a real estate agent the last 12 years, 52-year-old Kim Hammes used to be employed as a court-appointed guardian for vulnerable adults, including seniors with disabilities

Tahoe Snow Creek Restoration Project Earns AwardPlacer County's restoration of a once-contaminated and environmentally damaged site in Tahoe Vista on Lake Tahoe's North Shore was recently awarded the Envision Platinum award




more news

Featured Yellow Pages Categories

Auto

Business

Health and Fitness

Home Improvement and Services