Starting November 1, if your mortgage is owned by Fannie Mae or Freddie Mac, it will become far easier to do a short sale (selling a home for less than the outstanding balance on the loan). The servicers themselves (basically the bank you send your payment to) will be able to approve the short sale rather than having to go through Fannie Mae or Freddie Mac. This is a tremendous step towards getting faster approvals. Also, previously you’ve had to have a documented hardship and you’ve normally had to be behind on your payments. New rules will allow short sales without hardship documentation in some cases and without having to be behind in your payments if you can document a hardship. Read the details here:
If you’re underwater and need to sell, this may be just what you’ve needed. Contact me if you’d like more information. If you’re in the Minneapolis area and would like to find out what your home’s value is, I’d be happy to do a complimentary and confidential market analysis for you.
- U.S. regulator streamlines foreclosure prevention program (uk.reuters.com)