There is something new to report in the short sale world.

Homeowners with underwater properties have many reasons to celebrate the introduction of the new guidelines from the two government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac. On November 1, 2012 the Federal Housing Finance Agency (FHFA) – the regulator for these two GSEs – will begin new guidelines that are expected to make short sale simpler and easier.
It’s about time. .
One of the key changes for short sales revolves around the process and the simplification that will be effective in November 2012 

Example:

  • If you have a reduction in incomethere is no need for hardship documentation. .
  • If you are self employed and can prove the reduction of earned income, there is no need for hardship documentation. .
  • Death of either borrower/co-borrower? There is no need for hardship documentation. .

and the biggest news. .

 Enable servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales! . . (and you may buy again in TWO SHORT YEARS!)

 
The Perfect case scenario for the married self employed:
  1. Your Mortgage's up to date
  2. One spouse works full time (no change)
  3. Other spouse is self-employed (big reduction in income) 
  4. Your mortgage is owned or guarantee by Fannie or Freddie
  5. You have less than 6 month's worth of savings to pay your mortgage 
  6. Apply for the "No Documentation Required Short Sale"
  7. Sell your house as a short sale
  8. Wipe out any deficiency incurred
  9. Sign a two year lease contract with a similar house as the one you just sold
  10. After two years come back to the same neighborhood and buy similar home again!
With the current economic crisis and huge Government debt, any equity build-up for an average neighborhood will be very minimal in two years time.. .the end result could be worth hundreds of thousands of dollars to your personal financial world
 
ACTION PAYS in this case. .INACTION?.. YOU PAY!
Ready to explore the possibilities?, Give us a call 240-426-5754

 

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