Hello everyone Kelly Cook here with the Kelly Cook Real Estate Group, your Phoenix short sale specialist, thank you for joining me today. My team of short sale experts work with Phoenix homeowners every day to help them avoid foreclosure through the means of a short sale. If your mortgage is currently underwater or if you have seen the value of your home greatly diminished please browse through my website or give me a call to discuss your real estate options.
For my blog topic today I wanted to talk with Phoenix homeowners about some new rules for doing a short sale with Freddie Mac and Fannie Mae. Both investors have recently come out with new rules and guidelines in hopes of speeding up their short sale process. Now both parties have done this in the past with very little results to show but I have reason to believe these new guidelines can be a big help. First, borrowers will no longer have to be delinquent on their mortgage in order to complete a short sale if they can prove a valid hardship. Second, Fannie and Freddie will now help expedite the pay off of any second liens on your Phoenix home. And third, Fannie and Freddie will eliminate the ability for your lender to seek a deficiency judgment against the borrower during a short sale. The big take away from these new guidelines is that Fannie and Freddie will be more consistent with their short sale process and hopefully be able to help more homeowners.
If you have questions about your distressed property please fill out a contact form on my website or call me today to chat with an expert about your options. On my website you can also find our Short Or Stay Calculator that may help you determine if a short sale is right for your Phoenix property. Thank you for your time today and I look forward to helping you in the future with all of your real estate needs.