If your financial situation finds you facing foreclosure, there is an option for you to save your credit.
You can even sell your home and your lender will pay the commissions and closing costs.If the fair market value of the home is less than your loan balance, there is a process called a Short Sale in which you can still sell your home. A short sale is a situation where the lender is willing to accept a smaller payoff of the balance of the loan in order to sell the home at fair market value. Hence, the term "short" in short sale.
HouseRebate.com can assist you with the Short Sale and the most advantageous part for you the seller is that the lender generally pays our commissions, listing fees and the closing costs.
Selling your home via a Short Sale vs. a Foreclosure has several advantages; here are the new Fannie Mae lending guidelines:
Short Sale:
Fannie Mae is establishing a 2-year elapsed time period for reestablishing credit following completion of the action.
2-year time period from completion date of the short sale to qualify for a Fannie Mae backed loan.
Foreclosure:
5-year time period from completion date of the Foreclosure.
Additional requirements that apply after 5 years up to 7 years following completion date:
The purchase of a principal residence is permitted with a minimum 10 percent down payment and minimum representative credit score of 680.
Purchase of a second home or investment property is not permitted.
Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility requirements in effect at that time.
Cash-out refinances are not permitted for any occupancy type.
Clearly, you are better off avoiding foreclosure.
You Can Start the Short Sale process today by calling 888-836-5675 or Visit HouseRebate.com
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