Helping Homeowners Avoid Foreclosure in Roseville and Sacramento

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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