California, a written release from the shortage, in the short sale, is not seen very often. The state has rules that help owner occupied owners with their original loan, obtained when they purchased their home, referred to as purchase money financing. Other than that, loans are mostly written to allow recourse by the lender and this is why a new federal program can help some owners who obtained second loans, or who refinanced. A visit to the making home affordable dot gov website is a good idea for owner occupied short sellers, that are facing this problem. There is a new program to help you if your loan is a fannie or freddie loan. The program applies mostly to owners who do not qualify for a loan modification because their income is too low. The basic deal is that you can do a short sale where you agree to stay in the home, take care of it, market it for up to four months, and close the sale with a written release from the lender on the shortage owed on the loan, in the short sale. This plan makes since. The ideas are good, designed to sell homes at market rates rather than at a lower priced distressed sale. This can pay back more of the loan and can help the owner make a fresh start.
I see many companies advertising on my blog, offering to do short sales. These companies are not affiliated with HOPE Real Estate Inc., and Mike Jaeger. When looking for professional help it is a good idea to do some home work first. If you do, you will better choose your help. The new program is called many things. HAFA, Making Home Affordable, Obama short sale program, Fannie mae or freddie mac short sales, and other things to. I hope this blog can shed some light on what you are looking for. - Mike Jaeger - May 22, 2010.
PS I have two short sales so far in 2010 that have ended in good, written, final loan modifications instead of sales. I will write more about this, nest week.
Published by Mike Jaeger Live
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