Let's get the announcements out of the way first. Friday, August 13th is the date for Kevin and Fred's Crush It Short Sales class. The price goes up to $99 after midnight August 10th. So, get signed up today. Also, please remember that we want you to film your own Short Sale Power Hour video. We want you to share one of your most horrific, yet overcoming short sale stories. Put it into a film that is less than ten minutes. Post it on YouTube and submit it to us.
Now we are on to other topics, namely, FreddieMac. The conversations that Kevin has been having with FreddieMac lately have been ridiculous. They have requested a $30,000 promissory note from one of our clients. The problem is that the home owner has a true hardship. The loan is a purchased money loan and the offer is for more than what they think the home is worth. Also, they are the only lien holder and the PMI company already signed off on the deal without asking for a promissory note.
This homeowner has a true hardship. He is in the education field and had to move forty miles away to rent a new home while they couldn't sell their old home. So, they have been making payments on two homes for a few years now. There is no better example of an actual hardship. The home owner has been advised by his attorney that he should walk away from the home and let it go to foreclosure if he can't short sale the home.
FreddieMac has asked for 1.8 billion dollars in help because they continue to run their business into the ground. If FreddieMac turns this short sale down, Kevin and Fred might have to go to the Mortgage Insurance company that is insuring the home right now. It will cost the MI company lots more money if the home goes to foreclosure.
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