{"id":3525,"date":"2012-08-24T12:25:12","date_gmt":"2012-08-24T12:25:12","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=3525"},"modified":"2012-08-24T12:25:12","modified_gmt":"2012-08-24T12:25:12","slug":"short-sales-to-get-faster-with-fannie-freddie","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/short-sales-to-get-faster-with-fannie-freddie\/","title":{"rendered":"Short Sales to Get Faster With Fannie, Freddie"},"content":{"rendered":"

Short Sales to Get Faster With Fannie, Freddie.<\/h2>\n
\"Short<\/a>

Short Sales to Get Faster With Fannie, Freddie.<\/p><\/div>\n

The Federal Housing Finance Agency announced Tuesday that it is issuing new guidelines that set out to more quickly qualify borrowers and speed up the short sales<\/strong> process.<\/p>\n

Among the new guidelines, home owners with a mortgage backed by Fannie Mae or Freddie Mac\u00a0will be able to sell their home in a short sale even if they are current on their mortgage, assuming they can prove a hardship. Eligible hardships often include death of a borrower or co-borrower, divorce, disability, or job relocation (such as a job transfer or new employment 50 miles away from their current home).<\/p>\n

The new FHFA guidelines also permit mortgage servicers to speed up the processing of short sales<\/em> for borrowers with eligible hardships without needing additional approval from Fannie Mae or Freddie Mac.<\/p>\n

\u201cThese new guidelines demonstrate FHFA\u2019s and Fannie Mae\u2019s and Freddie Mac\u2019s commitment to enhancing and streamlining processes to avoid foreclosure and stabilize communities,\u201d FHFA Acting Director Edward J. DeMarco said in a public statement.<\/p>\n

Also among the new guidelines:<\/p>\n

— Military service members who are being relocated will automatically be eligible for short sales, even if they are current on their mortgages.<\/p>\n

— Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments for borrowers who short sale who have sufficient income or assets and can make a financial contribution or sign a promissory note.<\/p>\n

— Freddie Mac and Fannie Mae will offer up to $6,000 to second lien holders in order to quicken the pace of a short sale. \u201cPreviously, second lien holders could slow down the short sale process by negotiating for higher amounts,\u201d according to the FHFA.<\/p>\n

The new short sales guidelines will go into effect Nov. 1.<\/h3>\n

The National Association of REALTORS\u00ae worked with the FHFA and the government-sponsored enterprises in creating the new\u00a0short sales<\/span> guidelines. NAR applauded the FHFA\u2019s approval of the guidelines.<\/p>\n

\u201cREALTORS\u00ae appreciate the FHFA\u2019s efforts to increase the number of short sale approvals, which limit the losses incurred by home owners, lenders, the federal government and taxpayers,\u201d says Moe Veissi, NAR president. \u201cWe hope these new guidelines will allow many more hardworking American home owners that would have previously been denied a short sale to now be approved and avoid defaulting on their mortgage loan.\u201d<\/p>\n

For more information on the new guidelines, visit www.realtor.org\/topics\/short-sales<\/a><\/em>.<\/p>\n

Source: Federal Housing Finance Agency<\/a> and the National Association of REALTORS\u00ae<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Short Sales to Get Faster With Fannie, Freddie. The Federal Housing Finance Agency announced Tuesday that it is issuing new guidelines that set out to more quickly qualify borrowers and speed up the short sales process. Among the new guidelines, home owners with a mortgage backed by Fannie Mae or Freddie Mac\u00a0will be able to … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-3525","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nShort Sales to Get Faster With Fannie, Freddie - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"description\" content=\"Short Sales to Get Faster With Fannie, Freddie. 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