Short Sale Guidelines Keep Gainesville Homeowners Happy
Short sales are rising this year and it will eventually rise because of federal regulators who manage Fannie Mae and Freddie Mac. They made paperwork more efficient and offered an option to second-lien holders up to $6,000 to accelerate the process of short sale as announced by Federal Housing Finance Agency months ago. Fannie Mae and Freddie Mac will not even require records from borrowers who have missed paying loans; have small credit scores, or those who are struggling financially.
Of course, there are borrowers who pay up-to-date. These people will be given more time to process their short sale and also those who are facing difficulties like divorce, employment layoff, death in the family, disability, and others.
People from the military are quite lucky because they are automatically entitled for short sales even if they have existing mortgages, and they will be excused from insufficiency of payments if ever.
Homeowners who have enough income are invited to contribute funds to cover a fraction or all the part or the entire deficit among the outstanding loan balance and the home prices.
Days ago, the new guidelines set by National Association of Realtors have taken effect. It is connected to the guidelines that FHFA, Fannie Mae and Freddie Mac have set.
Guy Cedala, publisher of the trade publication Inside Mortgage Finance, told the Wall Street Journal that the $6,000 given to second-lien holders is not enough to halt a short sale. However, NAR added that with this it will allow families to avoid foreclosure. Short sale will also help the real estate market by alleviate the home values and keeping the neighborhoods busy while recovering.
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Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents