Fannie Mae and Freddie Mac to use same short sale program starting November 1st

By
Real Estate Agent with Coldwell Banker Brokers of the Valley, Yountville Napa Valley

If I can help you find the perfect Napa Valley property, please email me

Curtis@NapaValleyAddress.com 


I’m happy to inform you of changes announced today by the Federal Housing Finance Agency (FHFA) that will align guidelines for Fannie Mae and Freddie Mac short sales and allow lenders and servicers to quickly and more easily qualify borrowers for a short sale.

Here are some specific changes that are effective Nov. 1, 2012:

  • Eliminates current Fannie Mae and Freddie Mac short sale programs and creates a single standard short sale process for both entities (Fannie and Freddie HAFA programs will expire at the end of the year).
  • Enables servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales without waiting for an approval from Fannie Mae or Freddie Mac
  • Offers special treatment for military personnel with Permanent Change of Station (PCS) orders.
  • Standardizes and clarifies foreclosure suspensions on a property with an approved short sale.
  • May pay borrowers up to $3,000 in relocation assistance.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to subordinate lien holders to expedite a short sale.

Additionally, FHFA clarified that a borrower experiencing a hardship must wait at least two years before becoming eligible for a Fannie Mae or Freddie Mac loan.

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If I can help you find the perfect Napa Valley property, please contact me

Your Napa Valley Broker Extraordinaire, selling Real Estate here from its heart, Yountville

My website & blog: www.NapaValleyAddress.com

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Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Dyersburg Tn Real Estate

Curtis, offeing the second lien holder some money(up to $6000) should get the process moving much quicker I believe.

Aug 22, 2012 12:30 PM #1
Rainmaker
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Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Curtis - Great information for sellers who are in a short sale position and have a Fannie Mae, or Freddie Mac loan.

Aug 22, 2012 01:17 PM #2
Rainmaker
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Robert (Bob) Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX Real Estate Expert

Mr. Curtis,

You always do an excellent job of sorting through these rule changes and telling the rest of us what the change means. Thanks as I appreciate your information and it is easy to read. I am happy to hear about these Short Sale regulation modifications. I hope this helps the folks who moist need the help.

Aug 22, 2012 03:24 PM #3
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Curtis Van Carter
Coldwell Banker Brokers of the Valley, Yountville Napa Valley - Yountville, CA
Napa Valley's Broker Extraordinaire in Yountville

Hi

Thank you all for your thoughts. I too hope this helps, cheers cvc

Aug 23, 2012 08:57 AM #4
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Curtis Van Carter

Napa Valley's Broker Extraordinaire in Yountville
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