Fannie and Freddie changing their Short Sale guidelines

    Benefits galore for those of you that are considering Short Selling.  Freddie and Fannie have new guidelines and approval processes to present to the masses.Santa Clarita short sale experts

    Fannie and Freddie Short Sale Changes – PDF

    Click on the report above to see the new Guidelines to be implemented November 1, 2012.  With the “Debt Relief” act hanging in the balance – due to expire December 31, 2012 – This new plan is sure to help a lot of Homeowners that are underwater.

    We have watched as the short sale process has begun to speed up. However, not all banks are on board.  The Major Players in the short sale game have, almost all, adjusted accordingly in the processing of their Short Sales.

    Here are some highlights you will glean from the PDF above:

    • Offer a streamlined short sale approach for borrowers most in need
    • Enable servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales
    • Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissory notes
    • Offer special treatment for military personnel with Permanent Change of Station (PCS) orders
    • Consolidate existing short sales programs into a single uniform program
    • Provide servicers and borrowers clarity on processing a short sale when a foreclosure sale is pending
    • Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale

    In fact, the “Big 5” banks have all hired short sale negotiators, started short sale programs and developed short sale training programs for their short sale departments.  It has been a blessing for our Short Sale Clients that have their mortgages with the Big 5.

    Their focus and attention to the short sales does not however negate the responsibility of the Short Sale agent from doing their best job.  Forms need to be reviewed, uploaded and refreshed on a timely basis.  It also helps when the Short Sale agents are 100% committed to the successful negotiation of their Sellers Short Sales.

    If you are interested in having your short sale negotiated by a Responsible Realtor – Please reach out.  In fact, make sure those you are hiring have systems in place, within their very own team, to work on your short sale 24/7/365.  Be safe and remember, when short selling, use local Short Sale Experts – this action could mean the difference between having your short sale successfully closed and being thrown under the bus.

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    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

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