Ventura CA Real Estate- EXIT Realty By The Sea
In today's blog post we share some recent news on Real Estate Short Sales in Ventura California as of August 27, 2012. Real Estate Short Sales are those sales where the property is sold for less than the owner owes the investor. The investor owns the mortgage and is generally a financial entity that is different than the bank the borrower pays each month. That bank is called the Loan Servicer and is the one the borrowers talk with when attempting to arrange a loan modification or a Short Sale. The banks have been acting more as a processor than a decision maker, when receiving the guidance and the instructions from the Investor. The guidance and the guidelines (not rules) are then interpreted by individuals with different backgrounds and different training; and the individuals are working with more than one Investor. It is easy to imagine the challenges that might occur.
Fannie Mae (FNMA) and Freddie Mac (FHLMC) are the two largest Investors and Buyers of Home Mortgages. Recently they took a major step in providing a solution to the Short Sale problems and processing delays. They are providing RULES to the banks and other loan servicers detailing the criteria for a bank and loan servicer to affect a short sale. These rules will become effective November 1, 2012. This is good news for buyers, sellers and real estate agents in the short sale process for the mortgages owned by Fannie Mae and Freddie Mac. We offer our compliments and hope that other Investors will establish their rules for the Short Sale process.
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