Great news for Temecula and Murrieta homeowners that potentially need to do a short sale and have loans backed by Fannie Mae and Freddie Mac!
As of November 1, 2012 the Federal Housing Finance Authority initiated new Standard Short Sale Guidelines that apply to all Fannie Mae and Freddie Mac mortgages. This guidelines are to help streamline short sales with all Fannie Mae and Freddie Mac loans. You can find a summary of the guidelines here or the guidelines in detail below.
Short Selling Your Temecula Home
A short sale is an option you may want to consider if you cannot afford your current home loan, are not able to get a loan modification and you are concerned that your home may go into foreclosure. In a short sale, you would get your lender’s approval to sell your home for less than you owe on your home loan. While a short sale may be an option you may want to consider, you need to be aware that there will be a negative impact on your credit, however it may be less than if your home went to foreclosure. Typically, you would qualify for a short sale if you have a qualified hardship, such as a job loss or divorce, owe more than your house is worth, unable to afford your current home loan and unable to modify your current home loan. Selling your Temecula home requires the approval of the lender(s) and they all must agree. Because your would be selling you home for less than what you owe, you are not allowed to receive any money as a result of the sale. Temecula Short Sales You can take a look at distressed properties currently available in Temecula by visiting Temecula Short Sale and Bank Owned Property.
Experienced Temecula Short Sale Team
We’re here to help. Team Olsewski has a dedicated team of experienced Short Sale experts to negotiate with the banks on your behalf. Members of Team have been awarded the Partner First-Short Sale and HAFA certification from NAR. We continue our education as being a member of the Keller Williams Short Sale Insiders Group To find out more detailed information about how to avoid a Temecula foreclosure, the effect it can have on you and your family, other options that may be available to you and determine if you qualify for a short sale, contact Team Olsewski, Short Sale Experts, or you can contact Team Olsewski for a confidential consultation at (951) 506-5744. Your information will be held in strict confidence.
