REALTORS® Applaud FHFA for Expanding Short Sale Eligibility to Help More Struggling Homeowners

by troysage on August 25, 2012

in Latest News,Short Sale

REALTORS® Applaud FHFA for Expanding Short Sale Eligibility to Help More Struggling Homeowners

Days after FHFA and Fannie Mae announce REO Bulk Sales in the Inland Valley, the N.A.R applauds FHFA for making changes to the Short Sale Process in an attempt to help homeowners avoid foreclosure.

So what does this mean?  It means for those that have already lost their home to foreclosure it’s too late to turn back the hands of time, but those of you that are still in your home and struggling to make a mortgage payment, Fannie Mae and Freddie Mac are going to try to help streamline the Short Sale Process and approve Short Sales more quickly.

This is NOT a get out of your mortgage FREE card.  As a homeowner that is underwater, you will still need to qualify for the Short Sale.  The homeowner will need to prove a Hardship, and be willing to sell the property then move out.  So, please if you’re reading this and you’re upside down on your mortgage and simply want relief but you don’t have a true hardship, don’t get your hopes up as, again, this is not a get out of your Mortgage FREE Card.

FHFA has proposed this type of system in the past and to be honest it’s helped, but has not been as great as everyone had expected.  The Short Sale process has become much quicker than a couple years ago (short sale approvals were taking up to a year to receive).  Now the average time for a Short Sale approval on a Fannie Mae or Freddie Mac mortgage still takes on average of 90 to 120 days.

See below for more information posted by the N.A.R

For more information or if you have questions please feel free to contact Troy Sage.  Our team of Short Sale Experts have over 20 years experience in helping Homeowners avoid foreclosure.

The National Association of REALTORS® applauds the Federal Housing Finance Agency for working with Fannie Mae and Freddie Mac to issue new guidelines that expand eligibility criteria and streamline the short sale process.

The new guidelines would offer a more streamlined short sale approach for homeowners most in need, as well as enable lenders to quickly and easily qualify certain homeowners for a short sale who are current on their mortgage payments, yet suffer from specific hardships such as job relocation, increase in housing expenses, unemployment and disability. The FHFA guidelines will also consolidate existing short sales programs into a single uniform process and provide lenders and homeowners clarity on processing a short sale when a foreclosure sale is pending.

“As the leading advocate for homeownership, REALTORS® know that when a family is absolutely unable to keep their home, a short sale is often the best option for homeowners hoping to avoid foreclosure,” says NAR President Moe Veissi. “REALTORS® appreciate FHFA’s efforts to increase the number of short sale approvals, which limit the losses incurred by homeowners, lenders, the federal government and taxpayers.”

NAR worked closely with FHFA and Fannie Mae and Freddie Mac to create the new guidelines and has long advocated improving the short sale process to provide more distressed homeowners with alternatives to foreclosure. NAR believes that improving short sale eligibility will allow more families to avoid foreclosure and reduce the negative impact foreclosures have on families and communities. Short sales also help stabilize home values and neighborhoods by keeping homes occupied, which benefits the housing market and aids in the recovery.

Veissi praised FHFA Acting Director Edward DeMarco for responding to consumer and REALTORS®’ requests to increase the number of short sale approvals, and called on lenders to work harder to make short sales work for more underwater families hoping to avoid foreclosure.

“We hope these new guidelines will allow many more hardworking American homeowners that would have previously been denied a short sale to now be approved and avoid defaulting on their mortgage loan,” says Veissi.

Implementation of the new guidelines should begin on November 1.

Information provided by Troy Sage of TSS Realty Group and Susanne On August 25, 2012 @ 12:03 am In Business Outlook,Finance and Economy,Home Owner News,Real Estate News,Real Estate Trends,Today’s Top Story

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Post by Troy Sage

When the expression “Covering All Angles” comes to mind, we think of perceptive people who stand out from the crowd because of their foresight. By anticipation how any given scenario may play out they prepare a solid plan based on hard facts and respond by always providing their clients with a winning plan. Meet Troy Sage, a true original who enjoys being his own man and, constantly seeking new and innovative ways to improve the way he conducts his business and the people he serves. As a sought after real estate consultant for over 20 years, Troy utilizes many of the skills he developed in his musical career to grow his business. Attention to detail and his desire to excel, his determination to offer exceptional service while “Covering All Angles” keeps clients coming back time and time again. For Troy, client satisfaction has always been his prime concern. “By listening carefully to my client’s needs, I prepare a personal plan to ensure that they are kept well informed throughout the entire process in order to make sound decisions based on solid facts. Above all, it’s about the connection between my clients and myself. I work hard to personally nurture each relationship and am dedicated to helping my clients reach their real estate dreams,” Troy says smiling. The end result is that Troy has cultivated an enviable base of loyal clients who have spread the work to family and friends and who count on him for all their real estate needs. As an established trainer Troy works with new and seasoned real estate professionals teaching a variety of classes and techniques. Establishing a custom game plan for each professional and coaching others gives Troy a true sense of satisfaction and of sharing and growth. Troy is a Certified Distressed Property Expert (CDPE) and offers the most professional short sale facilitation and processing services available. Clients know that the short sale process can be a long and arduous task but left in Troy’s expert hands, they know that he will not only predict what problems might arise, but that he will have a proactive solution on how to best handle the situation. His positive attitude and calmness go a long way when dealing with the Banks, the Buyers, the Sellers, the Agents and Escrow. Troy not only keeps all sides well informed and up to date but is there to answer any questions that come up along the way.

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