More Changes Coming For Short Sales

Lancaster PA short sales,Harrisburg PA short sales,Reading PA short sales,Lebanon PA Short sales,Guardian Transfer,Brian Zulli

By Brian Zulli, in-house attorney for Coldwell Banker Select Professionals and Guardian Transfer.

This November 1st we'll be seeing some significant new guidelines for short sales:

•With the program changes, lenders will be permitted to process short sales even if the borrowers are current on their mortgage payments. Borrowers will now qualify for a short sale if they need to relocate more than 50 miles from their home for a job transfer or new employment opportunity.

•Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissory notes.

•Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale.

Posted by Coldwell Banker Select Professionals on 10/08/2012

Tags: Short Sales in Central PA Wyomissing PA real estate

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