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.
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 HeadlinesStabbing in Roseville at Saugstad ParkRoseville, CA -- KCRA has reported a stabbing in Roseville's Saugstad Park. Click for Full Details
Roseville 2014 set for May 15thPresented by the Roseville Chamber of Commerce, Roseville2014 is the region's signature business event, bringing together nearly 800 local and regional business leaders, elected officials and community influencers.
Big DoG Countdown: Placer Breast Cancer EndowmentBig DoG Countdown: Learn how Placer Breast Cancer Endowment impacts our community.
Free Seminar Targets Sexting, Child and Teen PornographyRoseville, CA -- Life Community Church is hosting a seminar entitled "Sexting and child and teen pornography.what's a parent to do?" on Sunday, April 27 from 2p.m. to 5 p.m. at its facilities, 10020 Foothills Blvd
Northern California Invitational Rugby Tournament On April 26 and 27, The Northern California Youth Rugby Association (NCYRA), in conjunction with Placer Valley Tourism, will host the 10th Annual Northern California Invitational Rugby Tournament
Roseville Crime Report Digest (4-24-14)The Roseville Police Department's crime report digest April 24, 2014.
The Great Banquet at Bayside Church May 17thJoni and Friends Sacramento will hold its annual special needs event called The Great Banquet at Bayside Church in Roseville on May 17. The free event will be a very special evening for people
Arrest in Rocklin $37K Embezzlement CaseFrederick Lacker is suspected of embezzling funds that had been entrusted to him for the daily operations of the non-profit organization.
Strategies for Move-up Home BuyersRoseville Realtor, Julie Jalone, writes about the growth of move-up buyers in the local real estate market and outlines some potential strategies and risks when selling a current home to buy a new one.
Big DoG Countdown: Gold Country Wildlife RescueBig DoG Countdown: Learn how Gold Country Wildlife Rescue impacts your community.
Placer County's Most Wanted: Christopher AcevedoRocklin, CA -- Placer County's Most Wanted highlights individuals being sought by police. 27 year old, Christopher Michael Acevedo, last known address of Rocklin, CA
Roseville Celebrate the Earth Festival 2014Enjoy free family fun at the 7th Annual Celebrate the Earth Festival from 10 a.m. to 3 p.m. on Saturday, April 26 at the Roseville Utility Exploration Center, 1501 Pleasant Grove Blvd., in Mahany Regional Park