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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What I Need to Know About Completing a PHH Short Sale

Posted on Mar 12, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, I am Mark Peek here at Keller Williams Real Estate, one of Roseville and Sacramento’s short sale specialists. Do you have a mortgage with PHH? Have you ever heard of PHH? Well, that’s ok because they are not very well known. There are some clients that I’ve run into that have servicing by PHH and if you have wondered if they will do short sales, I have completed short sales with PHH before. They are relatively easy to work with as long as you know who to contact when things are not moving forward. It typically happens with many lenders and it especially happens with PHH. So if you have a situation where you are wondering if a short sale is the right decision for you, I suggest you take advantage of the tool I have available on my website which is the short or stay calculator. Plug in your information into the calculator and it will give you an idea of what the value is on your home and how long it’s going to take for you to break even and whether or not a short sale is the right decision for you.

So, if you have any other questions about short sales with PHH or maybe you have some other lien holders besides them, I’d be happy to talk with you. Again, I’m Mark Peek with Keller Williams Real Estate, one of Roseville and Sacramento’s short sale specialists and I’m here to help. You can also hit the start here button at the top of the page and I’ll get back to you as soon as possible. Thanks and have a great day.

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