What Information Do I Need To Be Aware of When Completing a Short Sale with Fannie Mae or Freddie Mac

Posted on Aug 29, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. Today I would like to talk about some of the new changes that Fannie and Freddie have made to help streamline short sales. One of the things that they did is put out a set of guidelines to make it easier to get these through. One of the things is, if you have missed payments for a while, and if you are at least 90 days delinquent, you have a credit score that is below 620, you are going to require a whole lot less documentation than I’ve had to provide in the past on a short sale. From my understanding it’s about 90% less so we are basically just going to need an offer maybe a hardship letter and maybe a couple of other documents.

That’s good news which means that we are going to get short sale approvals with Fannie and Freddie a lot quicker than we have in the past. They are also taking a look at short sales for folks who are in imminent default. For example maybe you have an event that came up like a divorce, death, job loss, transfer. They are going to be looking at entertaining a non-delinquent short sale so you don’t necessarily have to miss payments to get your short sale approved if you meet certain criteria.

Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialists and we’re here to help. If you have any questions about how this might impact you or if you are considering a short sale, I definitely recommend taking advantage of the short or stay calculator on my website. If you have any specific questions about your mortgage you can give me a call or hit start here at the top of the page and we’ll get back to you as soon as we can. Thanks a lot and have a great day.

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Is Freddie Mac The Investor On Your Loan?

Posted on Aug 17, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek here at Keller Williams Real Estate, your short sale specialist for the Roseville and Sacramento area. Today I wanted to talk about Freddie Mac short sales. Does Freddie Mac own your loan? If you’re not sure if Freddie Mac is the investor on your loan, definitely give me a call or send me an email because I can help you figure that out. If you have a Freddie Mac loan and are considering a short sale they are a bit different to work with and there are some things you need to know before beginning the short sale process.

The first thing is that you don’t want to get an offer before you attempt a short sale, especially if you’re interested in the HAFA short sale program that gives borrowers relocation assistance. If you present an offer on a Freddie Mac short sale before you apply for HAFA you will be declined. That’s one of the things that a lot of people don’t know; there are other regulations and guidelines that Freddie Mac has that other investors do not, so if you’re contemplating a short sale and are interested in some more information or don’t know who owns your loan, please give me, Mark Peek at Keller Williams, a call and I can help you figure that out.

If you are considering a short sale, no matter who your investor is, and aren’t certain if it’s the best move for you financially at this time, I’d also like to encourage you to check out the short sale calculator located on my website. If you enter in some of your basic property and loan information it’ll tell you when your home will become an asset again and how much money that’s going to cost you based on different rates of appreciation. Based on this report, you can determine whether or not a short sale makes sense for you at this time.

Again, if you have any questions on finding out who your investor is, Freddie Mac short sales, or our short sale calculator, please give me a call. Thanks for joining me today.

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The Lenders Fannie Mae and Freddie Mac have Made the Choice to Shorten their Response Times for your Short Sale!Fannie Mae and Freddie Mac to Shorten Response Times for Short Sales!

Posted on Jun 11, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone, this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. One of the things I want to talk about today is an announcement that came out about Fannie Mae or Freddie Mac owned loans. They have come out and decided to shorten their time frames. So they are going to be holding the servicers accountable who you make your payments to, whether it’s Bank of America, Chase, Wells Fargo or another lender. They are going to start holding them accountable and tightening their timeframes to when they are supposed to respond to you. This all depends on if you have completed a full complete short sale package with an offer.

Right now their goal is to get it down to 30 days, but if there are any value disputes it could take as long as 60 days. This is great news and at the end of the day it’s how it’s executed. That’s what they are telling us. Let’s see if the servicers will actually do what Fannie and Freddie are directing them to do. I expect that probably as a result of this new guideline that’s coming out if the lenders don’t follow these guidelines there may be some fines implemented by Fannie Mae and or Freddie Mac. So this actually could be a benefit in getting short sales approved and closed even faster if they are owned by Fannie or Freddie. So far they have been reasonably good if the servicer is doing their job. That’s the most important thing and then what do you do when the servicer isn’t doing their job?

Again, I’m Mark Peek with Keller Williams Realty, your Roseville and Sacramento short sale specialists and we are here to help. If you want to know more about this, I can tell you what my techniques are for making sure that it happens and making sure your short sale is looked at, reviewed and approved. You can also take advantage of my short or stay calculator to determine when your home might become an asset again and how long it might take before you break even. It’s a good indication of whether or not a short sale is the right decision for you. Please email us or give us a call today. We look forward to talking with you soon.

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