The Benefits Of A Shorter Short Sale

short saleA short sale often consists of complex and lengthy processes that require months to complete. Despite this, many homebuyers still choose this type of real estate transaction because of the immense savings that they will get. Because lots of individuals are considering buying houses through this process, Freddie Mac has developed a program that makes short sales transactions faster and easier. This new program aims to provide better benefits to borrowers and increase profits for the property owner and seller. The new process is more streamlined without the traditional obstacles that a homebuyer and home seller go through.

Here are the benefits of Freddie Mac’s shorter short sale process.

  • Servicers are allowed to approve applications from financially challenged homeowners including those who are past due and are current on their mortgage payments. This eliminates the need for the mortgage insurance companies’ review of the applications and applicants. Reviews often take weeks to be completed as mortgage companies have other responsibilities that they are primarily committed to.
  • In this new process, servicers are required to make decisions 30 days after they receive a completed application. They are allowed another 30 days should they need more time in case there are third parties involved. No more extensions, however, will be offered. Hence, they are expected to give their final decision at the 60th day.
  • Communication is an important part of every type of transaction. This is why Freddie Mac has greatly improved communication in the process. Weekly updates are submitted by servicers to keep borrowers and realtors informed throughout every step of the process. Acknowledgment must also be submitted after every application and form has been received.
  • The new process is more streamlined because of the improved communication and specific time frames. Borrowers are given updates regarding the status of their application and where in the process it is currently at. They are also provided a number to call to inquire about their application.

Before deciding to go through a short sale, find out if this real estate transaction is really for you. Consider the following points to help you determine whether this process suits your needs:

  • Have you exhausted all retention options to resolve your upcoming foreclosure?
  • Are you looking to leave your home and unpaid mortgage loan balance without damaging your credit history and report?
  • Do you want to move on to a more affordable housing without worrying about your previous loan balance and debts?
  • Do you need to leave your current home and relocate as soon as possible due to your employment?
  • Are other options such as loan modification, forbearance, or reinstatement not suitable to your needs and situation?
  • Do you want to sell your home so as to cover your unpaid mortgage debts and outstanding balance?

Should you decide to proceed with a short sale transaction, contact Jerry Pinkas Real Estate Experts now to assist you.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577

Your short sale experts.

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