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George Kenner, Broker Associate San Diego, Ca. 619-723-5714 The Governments New Short Sale Rules g.kenner@yahoo.com
READ THE NEW FREDDIE MAC GUIDELINES HERE HERE ARE THE FANNIE MAE HAFA RULES THE BIG BANKS EMBRACE "HAFA" SEE THEIR LINKS HERE Bank of America Chase Indy Mac E Mail or Call Me to find out if your loan belongs to Fannie Mae or Freddie Mac
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Question 10 and The Bonus Question Question 10. I have been told that the Bank may later sue me in Court for the amount of their loss, obtaining what is called a deficiency judgment, can they do that, if they administer my short sale or deed in lieu through “HAFA” ?
Answer: This is mentioned on page 2 in a sentence at the very bottom of the page, it reads “With either the HAFA short sale or DIL, the Servicer may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.” Opinion /Note: This is something that should be well documented in the transaction as this could be subject to change, in another HAMP or HAFA Directive or future Court Case.
The Final “BONUS QUESTION" ! Will a Request for a Pre Approved Short Sale freeze the Foreclosure process? Answer : It appears that if you either make application for or are offered a Short Sale under “HAFA” the Servicer will suspend foreclosure. The last paragraph on Page 10 under General Terms and Conditions it reads. At the Services discretion, the Servicer may initiate foreclosure or continue with and existing foreclosure proceeding during the HAFA process, but may not complete a foreclosure sale
Summary Statement These 10 basic questions and the BONUS are of course a launching pad for an endless number of possibilities. HUD approved Home Retention Agencies of course will be of vital assistance to homeowners as this program is implemented. We have set up a links to some of San Diego County's Hud Approved Home Retention Counselors on our home page, you can also search for a HUD approved counselor at the link below. The Banking and Real Estate Industry need the help of the Hud Approved Home Retention Agencies to reestablish credibility in the eyes of the public. Rebuilding integrity is not impossible, but it is going to be a long road. I believe resolving our problem generated by the “Housing Crisis” will come about with new rules like “Supplemental Directive 09-09”. I know my team of associates and I look forward to helping our community get back on its feet. If there is anything the team at www.ShortSaleNurse.com can do to assist in the recovery effort we want to hear what idea you have. George Kenner, Broker Associate
Also each of these Team members (except one who is in training) are also Home Retention Counselors trained by a Fannie Mae approved vendor. We know someone at www.ShortSaleNurse.com can help you! We want you to hold on to your home if its at all possible! Just click on the members picture to read their bio!
All Marketing is done with the assistance of Kalabash Marketing "Good Night Mrs. Kalabash where ever you are."
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