There is some important short sales news to mention! Starting June 15th, Freddie Mac and Fannie Mae will be required by the government to provide short sale buyers with a final decision on their offer within 60 days. Also, sellers requesting a short sale must receive a response within 30 days. Currently, short sales can take anywhere from a few weeks to a year to have a decision! These rules will only apply to Fannie and Freddie loans but it is a step in the right direction. Many buyers are reluctant to make an offer on a short sale because of the time it can take to have a decision reached, this may help sellers get more offers if they have a mortgage that qualifies.
If you have lost your equity or even lost your home in the housing market crash, now is a great time to start fresh and climb back out of the mess. Right now the housing market is starting to pick up and mortgage interest rates are still historically low which gives homeowners several options. (more…)
Fannie Mae and Freddie Mac will require mortgage servicers to make decisions on short sales under new short sale timelines beginning this June. This is great news for buyers and sellers! Bank of America also announced this week that they will be streamlining their short sale process using the equator system.
According to the Housingwire, servicers must review and respond to a borrower within 30 days of receiving all documentation. According to guidance released Tuesday, the servicer can take up to 60 days on a decision if negotiations with mortgage insurers or other stakeholders linger. (more…)
There are more and more short sales on the market! From 2009 to 2011 the number of short sales actually doubled! In 2011 227,570 short sales were approved by the banks which was a 12% increase over the previous year and a sign that banks are approving more and more of these sales. Predictions show that there will be about 400,000 short sales this year which is high but still less than the originally predicted 500,000. Part of the increase may be due to the settlement the banks reached regarding the foreclosure scandal which also requires them to make an effort to get homes sold as short sales rather than just foreclosing. At any rate, short sales are going to be a part of the real estate market for quite some time.
The key to avoiding foreclosure is really to act fast – if you can’t pay your mortgage contact me to get started on a short sale! Time is ticking and the more time we have to get your home sold the better the chances are of you avoiding foreclosure! Don’t avoid the problem! I will not go away, it will only get worse – I can help you sell your home and move on with your life.