Nondelinquent Homeowners Soon to be Eligible for Short Sales
Fannie Mae and Freddie Mac have issued new rules which will take effect November 1st that will allow for underwater homeowners who have never missed a mortgage payment to Short Sale. However, the homeowner will still need to show hardship to qualify.
You would think this will not affect the credit score for the nondelinquent homeowners but the nondelinquent homeowners who do a Short Sale will likely take just as big of a hit to their credit score than if they had missed mortgage payments and gone into a foreclosure. So in general, if the homeowner plans on doing a Short Sale, it doesn't make sense to keep on making payments right?!? We will see if they will change this flaw.
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CA DRE # 01397640
Selling San Diego Real Estate since 2003
Paul CaparasDRE # 01397640
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