Is your mortgage owned by Freddie Mac and you’re struggling to keep your home? Well, if you want to sell in order to avoid having a foreclosure on your record, you may be eligible for Freddie Mac’s recently enhanced short sale.
In case you don’t know, a short sale is when a lender agrees to selling the property for less than the full payoff amount. After the closing the lender releases the lien on the property even though they received less the the loan balance. The benefits of doing a short sale is that you will avoid foreclosure and eliminate the mortgage debt.
Recently Freddie Mac has simplified and streamlined the process. Here’s how…
2- They’ve eased up and expanded on allowable requirements such as what types of hardships will qualify homeowners for a short sale.
3- They provide $3,000.00 to borrowers who qualify for relocation costs.
Are You Eligible For A Freddie Mac Short Sale?
Find out if you qualify for a Freddie Mac short sale. Answer the questions below to find out.
1- Is your mortgage owned by Freddie Mac?
2- You can provide proof of an eligible financial hardship which caused you to longer be able to keep up with the mortgage payments.
3-You were denied a loan modification by Freddie Mac.
4- You are over 30 days late on your mortgage. 5- The property is your primary residence. 6-Your monthly debt to income ratio is greater than 55%.
Get Free Short Sale Help
Even with all the information in the world about short sales at your fingertips you should still seek out help from a real estate professional. Even with all the improvements that banks like Freddie Mac have made in streamlining the process and making it easier on homeowners, short sales are still complicated and need to be done correctly.
By attempting a short sale on your own or hiring an agent who’s not experienced in the field, you could end up in a bad situation like losing your home to foreclosure.