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Military Homeowners To Get Short Sale Assistance

Short Sale Policy Information for Military Homeowners

Federal Housing Finance Agency (FHFA) acting director, Edward DeMarco, announced short sale policy changes for active-duty military homeowners.

With this new set of rules, military homeowners can now short sale their homes without having to take a loss. This means they will be free from any deficiency judgments— no cash contribution or promissory note at closing. Plus, they don’t have to default on their loans to qualify.

This policy applies to military homeowners with Permanent Change of Station (PCS) order whose mortgage is backed by Fannie Mae or Freddie Mac. Furthermore, the home must have been bought on or before June 30, 2012.

PCS orders usually require a quick move. This creates hardship for military homeowners who are underwater but couldn’t sell their homes without significant losses. FHFA developed this new policy to provide military homeowners with access to immediate and automatic full range of foreclosure alternatives.

Extending short sale assistance to men and women serving in the armed forces is in the best interest of everyone as they would be able to focus more in their duties to defend the country, rather than worry about the maintenance and leasing of a property in another jurisdiction.

Last year, PCS orders have been considered a qualified hardship for forbearance and loan modifications by Fannie and Freddie.

Other Articles to Read:

Why it is Important to Understand the Short Sale Process

3 mistakes to avoid when short selling your Gainesville home

Gainesville Short Sale Agents Rent To Buy Scheme

Determining if you have a Financial Hardship

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

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

  

18% of GSE loans are attached to second lien

18% of GSE loans are attached to second lien

HousingWire estimated that less than 18% of Fannie Mae and Freddie Mac mortgages have a second lien. Both enterprises have a total of 29.2 million home loans when combined. And 18% of which, or 5.1 million have a second lien attached.

A massive first-lien reduction plan would only unjustly force more borrower payments to the banks that hold the second liens.

The Treasury Department has worked with the Federal Housing Finance Agency (FHFA) in order to give more taxpayer dollars to Fannie Mae and Freddie Mac so they could write down the principal for those delinquent first-lien borrowers.

The details on the average second lien sizes are not available as it has always evades analysts.

What scares the FHFA is that it will promote borrowers who have current loan default to take advantage of the program. The current ratio of underwater homeowners who are still paying for their mortgages is 3 in 4.

The bright side is, forbearance programs are available, which would mean that monthly payments will be reduced. Meanwhile, it would be more beneficial and less costly to the government sponsored enterprises like Fannie Mae and Freddie Mac to extend loan terms.

Other Articles to Read:

Bank of Americas Cooperative Short Sale Program

Banks Are Calling Homeowners To Solicit Short Sales

Options To Prevent Gainesville Foreclosure when Unemployed

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

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