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Short Sale News

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New Standard Short Sale Guidelines

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac are issuing new, clear guidelines to their mortgage servicers that will align and consolidate existing short sales programs into one standard short sale program. The streamlined program rules … Continue reading

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Short Sale Document Checklist

Following is the lender package that I require all short sale clients to complete. When it comes to short sales, the devil is truly in the details. Required Items: Before the Sales Contract 1. Cover letter 2. Table of contents … Continue reading

Distressed resales lower in San Diego

LOS ANGELES — San Diego County’s share of distressed single-family home resales held steady at 4 percent in April, which is among the lowest in the state, according to the California Association of Realtors (CAR). The share of distressed home … Continue reading

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Freddie Mac aims for 75% reduction in short-sale timelines

In speaking with a source earlier today, one who is now completely out of the REO investments space, he remarked, “REO is a dying business.” It’s a development he seems happy with and added, “there is no positive reward [to … Continue reading

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Hurry and cash in on short-sale tax savings

An increasing number of homeowners who are underwater on their mortgage are selling their homes by short sale, and that could become an even more popular option during the rest of the year. That’s partly because of a law set … Continue reading

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NFL Player Santana Moss Short Sales his House

The South Florida Business Journal is reporting that Washington Redskins wide receiver Santana Moss is no longer facing foreclosure on his Lighthouse Point home. Moss, a University of Miami graduate, sold the house at 3201 NE 27th Ave. for $2.1 … Continue reading

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SHORT SALES HELP EASE FORECLOSURES IN SAN DIEGO

More San Diego County homeowners turned to short sales to avert foreclosure in the second quarter as the local market continued to gain momentum. Those were key factors that pushed down distress to lower-than-normal levels, based on a report from … Continue reading

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Why New Homes Can’t Compete with Short Sales & Foreclosure Sales

Discounted prices. Closing credits. Flashy appliances. Home builders tried throwing everything — including the kitchen sink — at buyers in an attempt to boost new home sales. But for many buyers, new homes still can’t compete with existing properties that … Continue reading

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Chase VP wants short sales closed in 30 days or less

During a HousingWire webinar called “Short Sale Process with Chase Bank,” vice president of short sales Bill Carr declared the lender is looking to close short sales in less than 30 days. “We are doing everything we can to avoid foreclosure,” Carr … Continue reading