Short Sale relief for San Diego military homeowners – those who need to sell their home and relocate on PCS orders can apply based on new guidelines by the Federal Housing Financing Agency (FHFA) effective November 1st 2012.
Homeowners with a Freddie Mac or Fannie Mae mortgage will be permitted to short sale their home even if they are current on their mortgage as long as they are eligible due to an hardship. Mortgage servicers can expedite the process if the borrower is in the military and need to relocate on orders. No additional approval will be required. This will be a big step toward relieving the financial burden of our men and women in uniform as they serve our country. As a result, this will help impact the quality of life for military families.
The service member can contact their lender for more infomation or contact our office here in San Diego and we can help homeowners with the process from start to finish. We can be reached at www.sandiegomilitaryrelocationexpert.com or call 619-248-5484. Our military relocation office provide services to help military families with their housing needs especially homeowners that are upside down and need to sell.
Other hardship eligibility announced by the FHFA include divorce, disability, death. Mortgage servicers will also have strict guidelines to streamline the short sale. Servicers will have up to 30 days after receipt of an application to respond. A weekly status update is required if the servicer goes beyond the 30 days required for a response. Servicers must make and communicate their decision to borrower within 60 days.
Lorraine Santirosa is a dynamic San Diego real estate agent that passionately advocates on behalf of military families who need to short sale their homes.
Learn about how Lorraine has helped San Diego military buyers and VA loans