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Wednesday, December 11, 2013

NEW Short Sale and Deed in Lieu rules Begin Jan 10 2014 Turnersville NJ

Fannie and Freddie  are implementing new rules for short sales and deed in lieu eligibility requirements.  For those of you in Turnersville  and other surrounding towns are about to see some of the biggest changes...
Here are some of the key changes going into effect early next year:

1) People who have files for bankruptcy will have an exception made for documentation requirements. (It's about time.)

2) Anyone with more than $50k in the bank asking for a short sale must get Freddie Mac approval. (This could make some sense.)

3) If documentation for the short sale is provided more than 37 days before foreclosure all legal proceedings halt. (This is  huge  and a welcome change!)

4) Only submissions within 37 days of the foreclosure date will be eligible for expedited review. (This might just be the limits of what they’re capable of handling so I wouldn’t go too hard on them.)

5) Investment properties will now have to be fully reviewed for eligibility for financial documentation. (investment owners get your properties under contract now before Jan10, 2014)

Now that some changes are planned lets see how the banks do in implementing these changes.  Nothing comes without a price.

Call me today 7 days and eves to discuss your options available to you to avoid foreclosure
609-868-1171  call/ text/ email