yellow pages news jobs local specials coupons hotels events calendar movie times RSS News Feeds
Rocklin and Roseville Today
   |   Current Temp: 64.0 F (17.8 C)
 

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.





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 Shooting Leads to Arrest of Sacramento TrioAt 7:45 p.m. April 16, officers responded to a report of shots fired from a car toward another car in the area of Pleasant Grove Boulevard and Fairway Drive.

Roseville Crime Report Digest (4-17-14)The Roseville Police Department's Crime Report Digest for April 17, 2014.

John and Marilyn Redding Recipients of 2014 Public Safety Leadership Award John and Marilyn Redding were this year's recipients of the Public Safety Leadership Award, which was presented to the Rocklin couple at the third annual Victim's Rights Breakfast.

Your Aging Genes and Risk of DementiaUC Davis Alzheimer's Disease Center Director Charles DeCarli will discuss "Your aging genes: What you need to know about your risk for dementia" during the Community Discovery Lecture Series on Thursday, May 8

America's ClayFest II in RosevilleThe Art League of Lincoln in conjunction with Blue Line Arts will be holding the second annual art show and competition at the beautiful Blue Line Arts in Roseville, CA

Placer Pops Chorale Spring Concert SeriesTickets are still available for the popular Placer Pops Chorale Spring Concert Series, directed by Lorin Miller, but hurry - they're going fast!

Chocolate Fest in Paradise May 10thExperience a chocolate paradise on the Paradise/Magalia ridge nestled among tall green pines in the foothills of the Sierra Nevada Mountains and overlooking the Sacramento Valley

Big DoG Countdown: Soldiers ProjectBig DoG Countdown: Learn how Soldiers Project impacts your community.

Big DoG Countdown: KidsFirstBig DoG Countdown: Learn about how KidsFirst impacts your community.

End of Life Planning: A Difficult Subject for ManyIt is often difficult to imagine your end of life care-or end of life care for a loved one-in the event you or your loved one becomes incapable of making health care decisions.

STEM Collaborative Teaches Critical ThinkingAt the final session of the Sierra College STEM Collaborative ACTivATE nine-month professional development program on teaching applied critical thinking, Sierra College and high school instructors reported

Northern California National Day of Prayer BreakfastThis year's keynote speaker is atheist-turned-Christian Lee Strobel, the former award-winning legal editor of The Chicago Tribune. He is a New York Times best-selling author of more than twenty books




more news