Does my Danville/San Ramon home qualify for a short sale

There are many homeowners who are doing everything they can to keep their mortgage payments current so as to preserve their credit. Finally they too can qualify for a short sale without having to miss mortgage payments.

New rules were announced this week that effective November 2012, even those homeowners who are current on the mortgages will be able to do a short sale–provided they have a hardship that is putting them at risk of losing their home or making it difficult to keep up the payments.

Hardships that qualify for consideration are:

  • Death of borrower or co-borrower
  • Divorce
  • Long-term Disability
  • Relocation for job or new employment opportunity for more than 50 miles
  • Unemployment
  • Increased Housing Expenses
  • Disaster (natural or man-made)
  • Business failure
  • Service members with PCS (permanent change of duty station) orders

In addition, Fannie Mae and Freddie Mac are issuing clear guidelines to their mortgage servicers to streamline and consolidate existing short sale programs to expedite the short sale process more quickly and efficiently.  For more For more information about the new guidelines  Fannie Mae and Freddie Mac.

This is certainly welcomed news for Danville-San Ramon homeowners who need to sell their homes and are under water or have little or no equity.

 

About Linda Urbick Linda

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