|
 Quick Links
 Bank-Owned Home List
The Power of RE/MAX
What's My Home Worth?
Search For a Home
Email Buyers's Alert
My Blog
|
|
| Short Sale/Mortgage Relief Information
|
 |
Foreclosure is the last resort when loan modification fails.
Short selling your property is the best option at this point.
There are 3 keys to a successful short sale:
1) Do not wait! Start as soon as you become delinquent or think that you may become delinquent on your payments
2) Gather the necessary paperwork (see paperwork checklist in this packet)
3) Hire a real estate broker that has experience in negotiating short sales for their clients. Choose an agent that does not charge an upfront fee for this service. Your mortgage company will pay the agent for short selling your home!
Both a short sale or foreclosure will negatively affect your credit; a foreclosure will drastically impact your ability to purchase a home in the future.
Fannie Mae has announced changes that went into effect August 2008.
You cannot purchase a home under the following guidelines and time frames using Fannie Mae financing:
- Preforeclosure (short sale) - 2 years
- Deed in lieu of foreclosure - 4 years
Foreclosure
- 5 year time period from date of foreclosure completion in which you cannot obtain financing, after which you can finance with a minimum of 10% down and a credit score of 680
- 7 year time period from completion to finance a second home or investment property.
- 7 year time period from completion to take cash out of a refinance on any property regardless of occupany.
If you are considering a short sale, we always recommend consulting with a tax attorney and/or certified public accountant. The information contained on this website should not be construed as legal or tax advice.
For additional information, contact us in one of the following ways:
(602) 538-5707 office
(888) 811-1593 fax
RE/MAX Integrity REALTORS®
20241 N. 67th Avenue, Suite A-1
Glendale, AZ 85308
Email the team Using the Form Below
(* - Required field)
|
|
