Servicers will be able to expedite processing a shortSale for borrowers with hardships such as death of a borrower or co-borrower, divorce,Disability, or relocation for a job without any additional approval from Fannie Mae or Freddie“These new guidelines demonstrate FHFA’s and Fannie Mae’s and Freddie Mac’s commitmentTo enhancing and streamlining processes to avoid foreclosure and stabilize communities,” saidFHFA Acting Director Edward J. 1, 2012, will permit a homeowner with a FannieMae or Freddie Mac mortgage to sell their home in a short sale even if they are current on theirMortgage if they have an eligible hardship. You can also get a copy of the Press Release, click hereWashington, DC – The Federal Housing Finance Agency (FHFA) today announced thatFannie Mae and Freddie Mac are issuing new, clear guidelines to their mortgage servicers thatWill align and consolidate existing short sales programs into one standard short sale program.The streamlined program rules will enable lenders and servicers to quickly and easily qualifyThe new guidelines, which go into effect Nov.BorrowersWill now qualify for a short sale if they need to relocate more than 50 miles from theirHome for a job transfer or new employment opportunity. Enable servicers to quickly and easily qualify certain borrowers who areCurrent on their mortgages for short sales: Common reasons for borrowerHardship are death, divorce, disability, and distant employment transfer or relocation.With the program changes, servicers will be permitted to process short sales forBorrowers with these hardships without any additional approval from Fannie Mae orFreddie Mac, even if the borrowers are current on their mortgage payments. Offer a streamlined short sale approach for borrowers most in need: ToMove short sales forward expeditiously for those borrowers who have missed severalMortgage payments, have low credit scores, and serious financial hardships theDocumentation required to demonstrate need has been reduced or eliminated.
![]() ![]() Do A Short Sale In Ny For A Freddie Mortgage Loan Mac Mortgage ToProvide servicers and borrowers clarity on processing a short sale when aForeclosure sale is pending: The new guidance will clarify when a borrower mustSubmit their application and a sales offer to be considered for a short sale, so that lastminuteCommunications and negotiations are handled in a uniform and fair manner. Consolidate existing short sales programs into a single uniform program:Servicers will have more clear and consistent guidelines making it easier to process and Offer special treatment for military personnel with Permanent Change ofStation (PCS) orders: Service members who are being relocated will beAutomatically eligible for short sales, even if they are current on their existingMortgages, and will be under no obligation to contribute funds to cover the shortfallBetween the outstanding loan balance and the sales price on their homes. These borrowers will not be eligible for a newMortgage backed by Fannie Mae or Freddie Mac for at least two years after a short sale.FHFA encourages homeowners to reach out early to their lender or servicer if they face anyHardship affecting their ability to pay their mortgage.The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. Servicers are required to reviewAnd respond to short sales within 30 days of receipt of a short sale offer they must provideWeekly status updates to the borrower if the offer is still under review after 30 days, and theyMust make and communicate final decisions to the borrower within 60 days of receipt of theOffer and complete borrower response package. FHFA announced guidelines in June thatEstablish strict timelines for servicers considering short sales. Previously, second lien holders could slow down the shortSale process by negotiating for higher amounts.This alignment comes as part of a broader FHFA effort, the Servicing Alignment Initiative, toStreamline Fannie Mae and Freddie Mac programs for short sales and other foreclosureAlternatives to assist struggling homeowners. ![]() Enable servicers to quickly and easily qualify certainBorrowers who are current on their mortgages for Offer a streamlined short sale approach for borrowers Distant employment transfer/relocation (more than 50 miles one way)FHFA ANNOUNCES NEW SHORT SALE GUIDELINES:PROGRAMS ALIGNED TO EXPEDITE ASSISTANCE TO BORROWERS Death of a borrower or death of the primary or secondary wage earner in the household The person must have a demonstrated hardship which includes: The existing mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac. Borrowers who have the capacity to contribute to shortages will be asked to make a reasonable contribution towardThe shortfall. Borrowers that need to relocate more than 50 miles one way for a job, including service members with PermanentChange of Station Orders, can be current or delinquent on their mortgage to apply for a short sale. Fannie Mae and Freddie Mac will offer up to $6,000 toSecond lien holders to expedite a short sale. Provide servicers and borrowers clarity on processingA short sale when a foreclosure sale is pending. Consolidate existing short sales programs into a single Offer special treatment for military personnel withPermanent Change of Station (PCS) orders. Vocabolario italiano portoghese pdf readeror calling 800-7Fannie (8 am to 8 pm ET)FHFA ENCOURAGES HOMEOWNERS TO REACH OUT EARLY TO THEIR LENDER OR SERVICER IF THEY FACE ANYHARDSHIP AFFECTING THEIR ABILITY TO PAY THEIR MORTGAGE.A Short Sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on yourMortgage. Borrowers will not be eligible for a new mortgage backed by Fannie Mae or Freddie Mac for at least two years after aService members can check Fannie Mae or Freddie Mac websites to see if their loans are held by them or they can callHotlines for military homeowners at 1-87 or 1-800- FREDDIE.FHFA announcement of 6/21/12: FHFA Announces Short Sale Assistance for Military Homeowners with Fannie Mae orFreddie Mac Loans ( les/24026/CFPBFinalwFS.pdf)IS YOUR MORTGAGE OWNED OR GUARANTEED BY FANNIE MAE OR FREDDIE MAC?Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:
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