Expedited Short Sales to help Palm Beach Home Owners
Palm Beach short sales have already helped hundreds of home owners avoid foreclosure and maintain their credit scores, and now, new federal guidelines aimed at expediting the short sale process will give them additional assistance.
The Federal Housing and Finance Agency recently announced new guidelines that will streamline short sales, making the process easier for both lenders and borrowers. Now, expanded guidelines will make it easier for Palm Beach home owners to claim hardship for reasons such as unemployment, disability, or divorce.
The new guidelines will also allow home owners who have not defaulted on their mortgage to qualify for a short sale. They will also expedite the short sale process for home owners who can provide evidence of a serious financial hardship, and the documentation requirements to prove hardship are much less stringent.
Many second lien holders have been reluctant to agree to short sales because they weren’t satisfied with the payout, but the new guidelines now offer an additional incentive of $6,000 from Fannie Mae and Freddie Mac for sale approval. This could help alleviate the housing shortage in South Florida if more home owners opt for putting short sales on the market.
Military families will also benefit from the new federal guidelines for short sales. Military personnel who have been relocated automatically qualify for short sales, and are not obligated to pay the balance between their loan amount and the short sale price.
According to a recent study released by CoreLogic, a staggering 44% of Palm Beach County home owners owed more on their mortgage than the worth of their home. The new guidelines will benefit thousands of home owners who are underwater on their mortgages, and because they are likely to increase the inventory of homes on the market, they could contribute to the continued stabilization of the Palm Beach County housing market.
Please don’t hesitate to let us know if you’d like to see any of the Palm Beach real estate listed on our website in person. We’d love to help you get to know some of the unique advantages offered by communities surrounding Palm Beach homes for sale.For additional information please call our Office at 561-395-8418 and ask for Gia Freer or Grant Freer, or email us at: Info@PalmBeachPremierRealEstate.com
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