Homeowners and Homebuyers benefit from Short Sales!
On August 21,2012 the Federal Housing Finance Agency (FHFA) announced that working with Fannie Mae and Freddie Mac new guidelines were developed that expand eligibility criteria and streamline the short sale process which benefits Homeowners and Homebuyers alike.
These new guidelines offer a more streamlined short sale approach for troubled homeowners, as well as enable lenders to quickly and easily qualify certain homeowners for a short sale who are current on their mortgage payments,but must suffer from specific hardships such as job relocation, increase in housing expenses, unemployment and disability. The FHFA guidelines will also combine current short sales programs into one single uniform process and provide lenders and homeowners clarity on processing a short sale when a foreclosure sale is pending.
Moe Veissi, the president of the National Association of Realtors (NAR) has commended the FHFA, “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,” “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.”, he recently stated. Short sales also help stabilize home values and neighborhoods by keeping homes occupied, which benefits the housing market and aids in the recovery. these guidelines are to be implemented by November 1, 2012.
Homebuyers definitely benefit from these guidelines, as they can purchase homes with a higher market value for much less than they’re worth, PERIOD.!
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