New Fannie, Freddie short-sale guidelines
Real estate guru Bob Massi weighs in
- Duration 3:29
- Date Oct 18, 2012
Real estate guru Bob Massi weighs in
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Sixteen minutes after the top of the hour starting November 1 the government will make the short sale process easier for struggling homeowners but.
Well I think they do this sooner and is it too little too -- boxes.
Messages -- in the same thing Bob is it too little too late.
What what's amazing about this is how many people have lost the the rights with Fannie and Freddie loans to get short -- -- Bryant.
In the last three or four years so I'm glad that there's a direct about starting November 1 which we'll talk about.
Real soon here but bottom line is I don't understand why it took so long -- let's look at the guidelines to help people understand what's gonna actually happened homeowner can be considered current.
If there's an eligible hardship what does that mean so what.
Happened as his agency oversees Fannie and Freddie Gretchen and what they're basically saying is you can remain current on -- and your mortgage payment.
And as long you have a legitimate hardship divorced disability death which is nice of them.
-- other type of things that you could still qualify for short social that's one of the guidelines effective November 1 with the Fannie Freddie loans I think you'll have another guideline and it will -- deficiency judgments in exchange -- set up financial.
We'll have -- when you do when you don't shortz O'Brien you have to give them some financial information you have to give bank accounts tax returns things like that.
If you have a little bit of money that they think that they you could contribute towards waiting to deficiency.
That they may say OK Brian you there's a difference of a 100000 dollars if you contribute 5000 dollars towards that efficiency.
Will waive the balance so they're basically saying if you have a bit of money they'll take it -- the -- It's all right got my number three special treatment for military personnel with a permanent change of address.
And a more uniform short sale procedure.
How about this -- a -- this drives me crazy you and I talked about the half program about a year ago how to help military.
These these men and women that the Fed -- are being permanently relocated.
And now finally they're putting these guidelines -- which is good.
That basically says if your permit relocate you have to do short -- -- they don't necessarily have to contribute.
To any deficiency Gretchen to get the waiver which is a good thing this is a good thing I another guy that we want to share lenders can offer up to 6000 dollar payment.
To be applied to a second -- each.
So so -- if you have a second mortgage on your home let's say it's 50000.
What you're basically saying now is they will offer up to 6000 to get that second mortgage out of the way the second mortgages always causes problems was short sells.
Here's a long and short of -- real quick.
These type of things even though this directive is good and mr.
DiMarco I I commend for doing this.
Lenders have actually been doing this but the people that have taken a big hit on this besides.
But Americans in general of the military and I'm very glad that that provision.
Is -- these diamonds it begins November the first all right Bobby hit the road again in just two gifts for your rebuilding your dreams tour again tell us more about it.
We are going to Fort Myers, Florida one of the most blighted -- the various -- in the Florida area unemployment.
From the that perspective foreclosures through the roof.
Rebuilding your dreams at foxnews.com.
It's at the yacht club in Fort Myers November the first it is free to the public.
Starts at 6 -- and a warning will be broadcasting obviously live again from six to -- I'll take people from how we got there but most importantly to try to.
Helping rebuild your dreams and get things back again.
There is open the future we'll take questions from the audience I decided to go back out there -- -- sounds great thanks so much to see you next week.