On June 25, 2008 FannieMae introduced new policies defining the manual underwriting guidelines for borrowers with a credit history that includes a Deed in Lieu, Short Sale or Foreclosure.
The new guidelines prevent a borrower from obtaining a FannieMae home loan for 5 years after a “Trustee Sale” (commonly known as a foreclosure). Without 10% down or a credit score of 680 or more a FannieMae home loan can not be obtained for 7 years.
If the home is given back to the bank with a bank approved “Deed in Lieu” a new FannieMae home loan can be obtained after 4 years. An owner can’t just send back the keys to the bank because the bank will generally foreclose upon the property anyway. In the industry this is now labeled “jingle mail” because mail “jingles” from the keys in the envelope. Deed in Lieu must be approved by the bank. Due to title and lien issues the bank usually does not take this option.
A “Short Sale” will allow a borrower to be a homeowner again much sooner. After a Short Sale a FannieMae home loan can be obtained after 2 years.
A “Short Sale” is a sale of your home for less than you owe to the bank. Short Sales are being approved by the bank every day, however they are complicated and often fail unless handled by a Professional Short Sale Transaction Manager. At Reliable Property Solutions we have been facilitating Short Sales for 6 years and have a 90+% success rate on foreclosure related sales.
Short selling while you are current on your mortgage is possible and we have one closing this month. This will minimize the damage to your credit score.
It is best to begin your Short Sale before you have missed your first payment, however they are very successful if you begin the process before the “Notice of Trustee Sale” has been filed (about 90 days after you quit paying your mortgage).
Our services are NO CHARGE TO THE SELLER. Our fee is paid by the listing agent or your bank and we do not get paid if your home goes into foreclosure. We require no upfront fees, however your cooperation is required.
Let us work with your bank to facilitate your short sale now!
Call Georgi Stratton from Reliable Property Solutions
Direct: 480.695.6565, Fax: 480-699-8853, Email: georgi@reliablepropertysolutions.com
Short sales are a really great out for any homeowner stuck in a bad situation.
Posted by: Jonathan Christopher | August 02, 2008 at 07:32 PM
I totally agree with you that short sale is another option before your property might be loss.
-Audrey
Posted by: Aurora Colorado houses for sale | March 06, 2009 at 01:05 AM