On July 3, 2012 our Federal Housing Finance Agency’s passed a very specific directive. This federal directive is a major step in the right direction for homes owners who have mortgages owned by either Fannie Mae or Freddie Mac. It creates and regulates a streamlined short sale process to help homeowners avoid foreclosure via short sale.
This is great news for home owners!
Did you know that because of these federal changes, homeowners who are underwater may qualify for a short sale… even if their payments are current?
Effective November 1, 2012, homeowners with a demonstrated hardship can qualify for a short sale even if they are current on their mortgage payments.
Now, thousands of current, Oregon homeowners can take advantage of the same benefits that used to require months of negative credit reporting and a loan in default, without most of the previous restrictions.
If you are a homeowner, who is either current on your payments and your home is not worth the principle balance of your mortgage or a homeowner who is facing foreclosure, and have a mortgage loan owned by either Fannie Mae or Freddie Mac, please do your research.
To find out if your loan is owned by Fannie Mae: www.fanniemae.com/loanlookup (or call 1-800-7Fannie) or Freddie Mac: www.freddiemac.com/mymortgage (or call 1-800-Freddie). Military service members can check the Fannie Mae or Freddie Mac websites or can call the hotline for military homeowners at 1-877-MIL-4566 or 1-800-Freddie.
Even if your mortgage has a bank or other servicer, it does not mean that it is not wholly or partially owned by either company. Call or check the website to know for sure.
You may also give us a call, shot us an email, or just enter your contact information on our page. One of our Specialists would be happy to discuss all of your options with you!