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.
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
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News HeadlinesRoseville Flash Crime Report (11.25.15)Roseville, CA- Crime flash report for Roseville, November 25, 2015.
Water Savings Fall Short AgainRoseville, CA. - Customers in San Juan Water District's retail service area reduced their October water use by 26 percent, which is 10 percent less
Chapa-De Indian Health Website for PatientsAUBURN, CA - Chapa-De Indian Health is proud to announce the launch of its newly updated website will also allow patients to learn about the comprehensive healthcare services
Blindness EtiquetteRoseville, CA - If you are meeting a person who is blind or visually impaired for the first time, do you offer your hand for him to shake?
Toyota RAV4 remains reliable compact SUVRoseville, CA- There is obviously a lot to like regarding the RAV4, starting with a sticker price that ranges from $23,680 to $29,850.
Roseville, Rocklin May Get Jobs Boost from Sunset Area PlanRoseville, CA - Currently known as the Sunset Industrial area west of Highway 65 and surrounded by the cities of Roseville, Rocklin and Lincoln.
Loretta Claiborne: RevisitedRoseville, CA - Last week, I began telling you about Loretta Claiborne, an African American who was born poor, partially blind, and with an intellectual disability.
Placer County Water Agency Adopts 2016 BudgetAUBURN, Calif. - At its November 19 meeting, the Placer County Water Agency (PCWA) Board of Directors adopted the Agency's 2016 budget
Rocklin Crime Report Update: DUI Arrests JumpRocklin, CA - Rocklin police weekly crime report digest update summary for the period of November 9- 15, 2015.
Roseville and Rocklin Among Beneficiaries of Clean Energy ProjectsRoseville, CA - The Placer County Board of Supervisors received a program update on mPOWER which has funded more than $35 million in clean energy projects
Cali Bowl in Roseville November 27-29Roseville, CA- The 8th Annual California Bowl comes to Roseville on Nov. 27-29 at the Woodcreek High School football stadium
Roseville to Hold Green Gardening at Home SeriesRoseville, CA - Starting this January, the Roseville Utility Exploration Center, 1501 Pleasant Grove Blvd. at Mahany Park
NEWS: In Case You Missed It