Do you need a short sale but don’t think you’re eligible? THINK AGAIN! Starting today, November 1 2012, NEW guidelines go into effect to allow homeowners to start a short sale — even if they’re current on their mortgage!
The traditional criteria for short sale included a hardship and having missed a certain number of mortgage payments. This is not unknown to Hawaii. Well before the 2011 moratorium on non-judicial foreclosures, Hawaii was ranked 11th in the state in foreclosure rates. No doubt this is welcome news for many underwater homeowners here in the islands.
Now, let’s be clear as to new guidelines. After all, you still need to qualify. This is not a free pass for anyone to rocket a short sale through the system and come out the other side all sayonara, never to be seen again.
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1. This is ONLY for Fannie Mae and Freddie Mac issued loans. If you’re not sure, talk to your mortgage servicer. This will constitute a large percentage of borrowers, but I wanted to make sure you understood this first and foremost. Fannie and Freddie only.
2. You still must have an eligible hardship. Just because your payments are high isn’t going to cut if if you have the income to still comfortably make the payments. However, “eligible hardship” is a loosely-defined term. You might be able to…uh…. get creative on this one. Death, divorce, etc. If you have to relocate 50 miles away for work, you’re in like Flynn.
3. Reduced paperwork. Short sale realtors rejoice.
4. Fannie and Freddie will, in some cases, waive deficiency judgments in lieu of a cash contribution at closing or promissory note. Case by case basis.
5. If you’re in our military (salute, salute) and get a Permanent Change of Station (PCS), this works for you.
6. Up to $6,000 to cover junior lienholders (second mortgages). Believe me, this is huge for some of the short sales I’ve seen here in Hawaii. Your junior lienholder can be a real stick in the mud and completely sabotage your short sale if they don’t want to play ball. This helps feed them a bit at closing.
Click here for the official guideline document.
If YOU need a short sale on your property, then I want to earn the opportunity to help you. When you sell your house as a short sale, you’ll need a buyer. Guess what? That’s me. Let me put one of my top realtors on it (the bank will pay your realtor and closing costs) and let’s get this done to help you move forward.