Yellow Pages |   News Updates |   Local Jobs |   Events Calendar |   Movie Times |
Rocklin and Roseville Today Local Events Calendar
    (Independent and Locally Owned)
 

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

3 Teens Arrested in Burglary and Vandalism of Country ClubA Placer County Sheriff's detective apprehended three juveniles Thursday in connection with recent burglaries and acts of vandalism at the Auburn Valley Country Club.

Roseville Author Releases New Book NationwideROSEVILLE, Calif. - The new book "Resonance," a stimulating new book by Roseville author Emily Elaine is now available nationwide.

Genderally Speaking LGBTQ Exhibition in RocklinRocklin, CA--The Ridley Gallery presents "Genderally Speaking", photography by Ron Williams in conjunction with Sierra College Pride Days (November 4-6).

Rocklin History Series Presents Julia Morgan's GoldThe Rocklin History Series continues on November 16, 2014 with a live presentation by Julia Morgan Historian Karen McNeill Ph.D. at 2 pm at the beautiful Old Saint Mary's Chapel

Free Identity Theft Prevention Class in AuburnThe Placer County Sheriff's Office is offering a free identity theft prevention class on Monday, October 27, from 6 to 8 p.m. at the Auburn Justice Center.

Loomis Students to Learn About Pediatric Iron Lung for World Polio DayIn recognition of World Polio Day, Rotary Club of Sunset Loomis will bring a pediatric iron lung to Loomis Grammar School and Loomis Basin Charter School

Esteemed Roseville Historian DiesLeonard "Duke" Davis, considered by many the foremost authority on the history of Roseville, passed away on Friday, October 10.

Michaels Store in Auburn to Open November 16thMichaels, North America's largest arts and crafts specialty retailer, announces the grand opening of its new Auburn store, featuring an inspiring new design, located at 2785 Bell Rd

Janina VanVooren at Patrons Club November 3rd Rocklin, CA - The Patrons Club, a volunteer arm of the Sierra College Foundation, invites the public and those interested in becoming members of the organization to attend

Roseville Men's Tennis Team Edged Out in National ChampionshipsThe men's tennis team from Roseville, Calif., representing the USTA Northern California Section, finished second at the USTA League Adult 18 & Over 2.5 National Championships

Dermatomyositis: Woman Battles Weakness, RashIn 1993, and only two weeks after having given birth to her second child, Becki Lanser of Cary, North Carolina, was experiencing severe muscle weakness and fatigue.

Jeep Grand Cherokee: More Refined Than EverA 2014 "refreshening" has given the Grand Cherokee a more modern, sophisticated look that will have admirers giving it the double take.




more news

Featured Yellow Pages Categories

Auto

Business

Health and Fitness

Home Improvement and Services