Skip to main content

Short Sale Transactions Will See Changes Soon



Short Sale Transactions Will See Changes Soon
     

http://www.genemundt.com     It's said that:

    "the only thing that is 
       constant is change".  

     That statement is especially true in the modern real estate and mortgage industries ...

     Changes are about to occur once again in regards to Short Sales (Pre-foreclosures).  If you're an agent that assists Short Sale clients ... and especially  if you are presently involved in a Short Sale transaction ... these changes may affect your deals and require immediate action.

     Underwriting guidelines are changing with respect to the WAITING PERIOD after a Short Sale (Pre-foreclosure) and/or a Deed-in-Lieu of Foreclosure:

     Effective for those transactions with Mortgage Approval dates of August 16, 2014 and beyond ...

     All Borrowers must wait a period of 4 years from the actual SALE DATE (Closing) or DEED DATE (Deed-in-Lieu), regardless of credit scores and downpayments.

     Pay special note:  These new guidelines establishing a standard 4-year waiting period will be enforced on all Borrowers, regardless of loan-to-value ratios ... unless they have extenuating circumstances that come into play.  If extenuating circumstances apply, a 2-year waiting period will be permitted.

http://www.genemundt.com/ContactUs.aspx     Should you currently be involved in a Short Sale (Pre-foreclosure) transaction take pre-emptive action now. Check with your Mortgage Lender immediately to see how this does/does not effect your transaction.

       If in Will County, or elsewhere in the Chicagoland-area, please contact me for further information regarding these changes and how you can best assist your Short Sale clients moving forward.  Short Sales, Foreclosures, and Bankruptcies don't have to ruin your client's life or prevent them from buying a home longterm.   

     Short Sale Transactions Will See Changes Soon:  But options DO exist that can assist them while facing this challenge.  Your referral to a knowledgeable Mortgage Lender experienced in successful Short Sale transactions is the best initial advice you can provide a client.

http://www.genemundt.com/ContactUs.aspx    
     *  I can be easily reached at:
  Direct:  815.524.2280
Cell/Text: 708.921.6331
eFax:  815.524.2281

To assist your clients in being Pre-Qualified,
click HERE



     

      
 

Comments

Popular posts from this blog

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...


“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.

Rem…

Paper or Paperless billing? Which serves YOUR needs best?

Paper or Paperless billing?  Which serves YOUR needs best?


These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

There are obviously many positives to be found within these paperless services:


Trees are saved  Reduced postage costs  Less paper documentation to organize or save/storePossible rewards for switching to paperlessPayments can often be made/posted same-dayAutomated payments can be set-upMore
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

 For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

Their paper bil…