Seller’s Options
Q: How do I find out if a loan is a Fannie Mae or Freddie Mac loan?
A: Search these sites to find out: Freddie Mac Search – Fannie Mae Search
Q: How much time does a homeowner have to sell their house once they are in foreclousre?
A: They have up to 90 days, maybe more depending on local market conditions.
Q: My client asked me if a Short Sale had advantages over foreclosure. I don’t have much experience in this area so I wasn’t sure what to tell them. Can you help?
A: Yes! We sure can. While a short sale and foreclosure have about the same negative effect on the homeowners credit rating, there is a much shorter time period the homeowner will have to wait until they will be able to obtain an institutional loan for a new home. They should be able to obtain a reasonable loan within 2 years. Even better, if the homeowner kept their payments current, and had no 60-day late pays, the new Fannie Mae guidelines allow a seller to immediately apply for a new loan.
Q: How can I get info on 30, 60, 90 day mortgage lates?
A: You can use this service.
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