GREAT NEWS! - Call or email me if you need help doing a short sale on your home! It's free and I have the buyer pay for your attorney's fees. We have an attorney represent you through the entire process.
Freddie Mac - New Eligibility Guidelines as of 2/1/14:
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- The borrower MUST HAVE one of the eligible hardships (no exceptions):
- Borrowers who are 31 days or more delinquent.
- Borrowers who are current or less than 31 days delinquent, provided the borrower is experiencing one of the following eligible hardships:
- Divorce or separation
- Death of a borrower or primary wage earner
- Borrower or dependent family member has a long-term or permanent disability
- Distant employment transfer or relocation (MUST be more than 50 miles), including Permanent Change of Station orders for service members
- The sale is an arm's length transaction
- The borrower has listed the mortgaged premises for sale with a licensed real estate broker, who, in turn, must have listed the mortgaged premises on the Multiple Listing Service (MLS) covering the market in which the mortgaged premises is located for at least five consecutive days. The listing period must include at least one weekend (i.e., Saturday and Sunday). The listing must be in an "active" status for at least the five days immediately preceding the day on which the purchase offer is accepted by the borrower and submitted to the Servicer for approval.
- The borrower did not enter into a program or arrangement where a third party takes the title to the mortgaged premises and arranges a short sale in exchange for a fee.
If borrowers are current or less than 31 days delinquent, they also must:
- Occupy the mortgage premises as a primary residence.
Have a monthly debt-to-income ratio greater than 55 percent (service members with Permanent Change of Station orders are exempt from this requirement).
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| Fannie Mae - New Eligibility Guidelines as of 2/1/14: |
- You are ineligible to refinance or modify your mortgage
- You are facing a long-term hardship
- You are behind on your mortgage payments or facing imminent default
- You owe more on your home than is worth
- You have not been able to sell your home at a price that covers what you still owe on your mortgage
- You can no longer afford your home and are ready or need to leave
The borrower has listed the mortgaged premises for sale with a licensed real estate broker, who, in turn, must have listed the mortgaged premises on the Multiple Listing Service (MLS) covering the market in which the mortgaged premises is located for at least five consecutive days. The listing period must include at least one weekend (i.e.,Saturday and Sunday). The listing must be in an "active" status for at least the five days immediately preceding the day on which the purchase offer is accepted by the borrower and submitted to the Servicer for approval.
Both Freddie Mac and Fannie Mae have implemented new guidelines to allow for faster response times. Both also have tightened eligibility guidelines. There are many new directives that Servicers are now required to follow. If you would like more information on short sales involving Freddie Mac or Fannie Mae, please contact Barry Miller's Law Office Short Sale Department at 407-398-6900.
Barry Miller's Law Office offers a free consultation to determine if a seller qualifies for a short sale and to explore all options.
Remember on primary residences, the Taxpayer Relief Act was not renewed and Sellers may be responsible for the forgiven debt.
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