Yellow Pages |   News Updates |   Events Calendar |   Movie Times | Recycling  |   Document Shredding
Rocklin & Roseville Today Events
Celebrating Life...
HOME

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


Placer County News Headlines

$866 Million Budget for Placer County ApprovedThe Placer County Board of Supervisors has approved the county's final 2017-18 budget of $866.2 million, an increase of 6.2 percent from the previous

Free Dementia Training on Sept. 27 for Families of Loved Ones Roseville, CA- The number of Americans living with Alzheimer's disease is expected to triple - from five million today to more than 16 million by 2050 - unless a cure is found

Step Up for Down Syndrome Walk October 8thSacramento, CA - Join the Down Syndrome Information Alliance as we unite for a common cause and raise funds at the 2017 Step Up For Down Syndrome Walk

Roseville City School District partners with Tommy Apostolos FundRoseville, Calif. - Accidents happen, which is why local nonprofit, Tommy Apostolos Fund, is launching its newest program, "Kids' Care Kits."

Sacramento Metro Chamber Small Business Development Center UpdatesSACRAMENTO, CA - In less than three years after assisting its first client in December 2014, the Sacramento Metro Chamber's Capital Region Small Business Development Center

Recovery Happens Event in Auburn September 23Auburn, CA- This annual event celebrates people recovering from substance use or mental health concerns, highlighting their success stories

New Social Host Ordinance in AuburnAUBURN, Calif. - The Auburn City Council unanimously passed a civil social host ordinance during their city council meeting.

Versatile Hyundai Ioniq: Has EV and Hybrid modeRoseville, CA - Anyone interested in purchasing the all-new 2017 Hyundai Ioniq better be proficient at decision making

Roseville Gas Price Hikes Slow Heading into AutumnRoseville, CA- Coming off recent upticks in prices, Roseville area residents have seen prices remain relatively stable this past week.

WJU Baseball adds experience and leadership to staffROCKLIN, Calif. - William Jessup head baseball coach Jake McKinley is pleased to introduce the new coaching staff for the Warriors, bringing years of experience and leadership

Roseville Club to Host Tennis Sectional ChampionshipRoseville, CA - The United States Tennis Association (USTA) Northern California Adult 55+ Tennis Sectional Championship will be arriving on Sept. 21-24

Our Most Vulnerable Residents: Expanding Medical Care & HousingThe Placer County Board of Supervisors recently approved two new components of the Whole Person Care pilot program: a medical respite unit that will provide interim care for at-risk clients leaving the hospital, along with a new agreement to purchase housing units


NEWS: In Case You Missed It