Short Sale Changes with FNMA and Freddie Mac affect Elk Grove Short Sales

Changes have been announced for FNMA and Freddie Mac short sales this week.  These changes should affect Elk Grove Short Sales in a positive way!  This is good news as it will allow lenders and servicers to quickly and more easily qualify borrowers for a short sale.

We have seen the process for Elk Grove Short Sales become more and more streamlined over the past year and the timelines shortened because of this.  These additional changes by FNMA and Freddie Mac are certainly welcomed!

Here are some specific changes that are effective Nov. 1, 2012 (taken from the C.A.R. Newsletter):

  • Eliminates current Fannie Mae and Freddie Mac short sale programs and creates a single standard short sale process for both entities (Fannie and Freddie HAFA programs will expire at the end of the year).
  • Enables servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales without waiting for an approval from Fannie Mae or Freddie Mac
  • Offers special treatment for military personnel with Permanent Change of Station (PCS) orders.
  • Standardizes and clarifies foreclosure suspensions on a property with an approved short sale.
  • May pay borrowers up to $3,000 in relocation assistance.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to subordinate lien holders to expedite a short sale.
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