yellow pages news jobs events calendar movie times
Rocklin and Roseville Today Happy Labor Day :-)
   |   Current Temp: 62.0 F (16.7 C)
 

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 California Crime Brief (8.31.14)Roseville, CA - Roseville California crime brief update report for August 31, 2014.

Acura ILX: Luxury Vehicle, Reasonable PriceFor car shoppers looking for an upscale luxury sedan that doesn't arrive with a luxurious price tag, Acura debuted the ILX a year ago and its back for 2014 virtually unchanged

People with Autism Especially VulnerablePerhaps like you, recently I read of an incident in Okeechobee, Florida, in which an 18-year-old man was recorded on video beating, choking, kicking, and holding a knife to the throat of a 16-year-old boy with autism.

54 Year Old Roseville Woman Killed with Own VehicleRoseville- 54-year-old Bernadette Ann Richardson was killed when her SUV rolled backwards as she was retrieving a bicycle from her 1997 Ford Explorer.

Photos: Napa Earthquake DamageWe recently had the opportunity to tour Napa following the magnitude 6.0 earthquake. The downtown area of Napa which contains many older buildings was hit especially hard.

California Senate Passes New Gun Violence BillCalifornia's state today passed the "Gun Violence Restraining Order (AB 1014)," legislation that would allow family members or law enforcement to petition a court

Laura's Law Implementation in Placer CountyPlacer County became the sixth county in California Tuesday to implement Laura's Law - a state statute that authorizes court-ordered assisted outpatient treatment of residents with severe

$22 Million Animal Services Center in Auburn Moves ForwardThe Placer County Board of Supervisors awarded a design-build contract on Tuesday that paves the way for construction of a long-planned Animal Services Center in North Auburn that

Autism in Girls Study Launched in CaliforniaAutism is far more common in boys than girls - affecting 1 in 54 boys and 1 in 252 girls - but little is known about biological differences between boys and girls with autism.

Sierra Shoot Out Water Polo Tournament in RocklinThe Sierra Shoot Out Water Polo tournament is back for another year at Sierra College. The junior college has hosted this high school tournament for over 20 years

What is Slowing the California Housing Recovery?Realtor, Julie Jalone of MagnumOne Realty in Roseville, writes about why the California and Sacramento housing markets are not expanding as fast as expected. Find out what Julie thinks is contributing to a slower real estate market.

Circus Vargas in Roseville this September Roseville,CA -- Get ready for the ultimate entertainment extravaganza for all ages as the circus comes to Roseville.




more news

Featured Yellow Pages Categories

Auto

Business

Health and Fitness

Home Improvement and Services