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be sure the lender you short sale on doesn’t report it to the agencies as a pre foreclosure as DU picks this up as a foreclosure and will not deliver an eligible finding…. have seen this more often than not….. many with over 2 seasoning from short sale, but alas, DU delivers a caution and you’re done…
No, you are not done! Call Joe Gendelman with National Credit Federation 813-425-1364! He will send an attorney’s letter to the short sale lender asking the to downgrade or delete if the account is NOT a foreclosure! We have been doing this for 6 months….. why? There is no credit code for a short sale! The account gets downgraded to a lower credit code, your borrower gets a non-descript letter stating their credit has been changed, call your credit agency (I recommend Acranet in Calif., Avantus on east coast, or Informative Research, as all of these companies have figured out what’s going on with short seller credit!), get credit refreshed, and repull automated. If you need help, call Pam at 727-375-8986 or email email@example.com.
On August 21st a news release was issued by the Federal Housing Finance Agency (FHFA) providing new standard guidelines for FNMA and FHLMC short sales. One of the positives was that homeowners could enter a short sale while current on their mortgage payments, but only with hardship reasons of:
• Divorce (legal separation may apply)
• employment relocation of 50 miles or more.
Though this is a start in the right direction, we need to push to include all nine (9) hardships listed for a HAMP modification, and both FNMA and FHLMC acknowledge these hardships. Here are the additional hardships:
3. Income reduction
4. Disaster (natural or man-made)
5. Business failure
And, a major hardship playing a big role in many southern states:
• Inability to make major home repairs required for homeowner insurance to continue, such as roof or air conditioner. (Problem: no equity for loan, homeowners have no finances.)
The majority of underwater homeowners want to continue to make their payments through the short sale to keep their credit intact. Yet, to do so, we are limiting hardship reasons to sell and these hardships are the tip of the iceberg. Underwater homeowners are often financially wiped out and are at the end of their rope already; but, we have rules that make it harder for them to exit their homes and get on with life.
FHFA…. we need an expansion of the hardship reasons for underwater homeowners to short sale their homes while staying current on mortgage payments. Open it up to the same hardships allowed for a HAMP modification.
Realtors and homeowners…. please email firstname.lastname@example.org your examples of why the 4 hardship reasons currently allowed by FHFA to short sale a home are not enough.
Thats it ! I am going to call my \still have a job\ clients and tell them… I am going to sell your house to you… again !
I think these guys should do consulting for freddie, fannie, hud, and so on. Oh, not to mention speaking directly to Congress and the Fed in an attempt to overhaul the clouded thinking in DC.
I wonder how all of this is going to end?
Frank & Brian you must be doing good! Because some entity is trying to shut you down, by messing with your audience being able to view & respond.
Big news! I am sharing it!
FNMA instructed lenders in their Sellers Guide to complete an assignment in FNMA’s name as each state required but don’t record it. You have to look back in the their archives 2002-2003. Forgiveness on my principal if I move and then you will let me come back in two years. I see no problem in selling my possessions, moving away from family, friends and local interests so they can further manipulate their ponzi scheme.
Susan, your issue is exactly why we invented the HomeLiberty FastTrack to Freedom program. It allows you to keep your job, keep your house, and keep your possessions *in* your house. And, oh yeah… reduce your principal to current market value. (Are you listening, Frank?)
For any realtors reading TBWS comments… instead of slugging on a short-sale that may or may not close (soooooome day), 100% of our customers buy their home back at or near current market price. 100% of those transactions could have *you* as the buyer’s agent.
Mark Moore, CEO
It seems that you guys, as a private enterprise, have corrected your communication issues a heck of a lot quicker than our current brilliant government officials can.
Maybe you should offer your services to them. It surely would have to be an improvement.
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