Do Short Sale Changes Impact Your Ann Arbor Area home?

Are you considering doing a short sale in Ann Arbor? Short sale changes are coming again.

There is always something new and your Washtenaw County Real Estate Experts Team, Certified Distressed Property Experts know how to implement the short sale changes.

If you are considering a short sale, here is updated information that you might consider it. The Federal Housing Finance Agency has new rules concerning short sales that will go into effect Nov. 1. So if you are a Michigan homeowner who has an underwater mortgage, your short sale experience will be a lot easier.

On Tuesday, the FHFA announced new rules that do not require homeowners with an eligible hardship to be delinquent on mortgage payments to qualify. But homeowners must have loans backed up by Freddie Mac and Fannie Mae.

The new FHFA rules include:

  • An offer from Fannie Mae and Freddie Mac of up to $6,000 to second lien holders in order to expedite a short sale.
  • Homeowners with a specific hardship, such as divorce, long-term disability, unemployment or a death in the family can be approved by a loan servicer, without having to go through Fannie Mae or Freddie Mac.

Although RealtyTrac reports that short sales are on the rise, some sales are still blocked by issues.

Still confused about what a short sale is?  Look at our blog post with video or tune into 102.9 FM in the mornings; we are your Washtenaw County Short Sales Experts.  Do you want to see if you qualify?

Are you wondering how underwater your home is? Visit our free calculator to see how your Washtenaw County home stacks up. You deserve the short sale team that can get you to the closing table. Listen to what others say about your Washtenaw County Short sale experts; call us at 734-426-6669.