Underwater Mortgage? A Short Sale Can Save You From Drowning in Your Lake Mary Home!

Just 6 years ago the wordsshort sale‘ were not part of our vocabulary and the housing market was still full of steam. Today we continue to mop up the remains of a burst housing bubble and are only beginning to see new signs of life in the Seminole County housing market.

Is Your Mortgage Underwater?

According to a recent Core Logic Report almost 45% of mortgages in Florida are underwater, which means that borrowers owe more on their mortgages than their homes are worth. Underwater homeowners who have an eligible hardship can sell their homes via a short sale, avoid foreclosure and can be eligible to obtain a mortgage again after a 2 year waiting period.

Why You Should Consider A Short Sale?

Fannie Mae and Freddie Mac are streamlining their short sale process to help homeowners avoid foreclosure. Starting November 1, 2012 new guidelines go into effect that should help increase the number of successful short sales and help homeowners avoid  foreclosure.

The new guidelines will permit a homeowner with a Fannie Mae or Freddie Mac mortgage to sell their home in a short sale even if they are current on their mortgage if they have an eligible hardship.

Eligible Hardships

  • Death of borrower or death of the primary or secondary wage earner in the household
  • Unemployment
  • Divorce
  • Long Term Disability
  • Distant Employment Transfer/Relocation (50 miles or more away)
  • Increased Housing Expenses
  • Disaster (natural or man-made)
  • Business Failure

Your Guide Through The Short Sale Process

We help families throughout Central Florida sell their homes via short sales. We understand the process and have been very successful achieving positive results for our customers. We personally work with mortgage lenders and do not charge mortgagees or homebuyers additional fees to complete their short sale. Our reward comes from helping families avoid foreclosure.

Do you need to sell your home as a short sale? Please contact Debbie Summers, REALTOR®, Certified Distressed Property Expert (CDPE) @ 407-758-1020 or Debbie@MoveToLakeMary.com.

 

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