October 23, 2012 (Press-News.org) New Federal Guidelines Expedite Short Sale Process
In August, the Federal Housing and Finance Agency announced new guidelines that aim to streamline short sales, making the process easier for both lenders and borrowers. Starting Nov. 1, owners whose loans have been purchased or guaranteed by Fannie Mae or Freddie Mac may qualify for a short sale if they have an eligible hardship. Eligible hardships include unemployment, divorce, disability, job location or a death of the borrower or co-borrower.
The following are highlights of the new guidelines:
-Homeowners who have not defaulted on their mortgage can qualify for a short sale. In the past, most short sales would not be approved unless a homeowner was seriously delinquent. The new guidelines allow servicers to approve homeowners who are current on their mortgage but have experienced an eligible hardship without further approval from Fannie or Freddie.
-The guidelines expedite short sales for homeowners who have serious financial hardships. Now, the documentation required to show serious financial hardships has been eliminated or reduced.
-There is automatic qualification for military personnel. Service members who are relocated will be automatically eligible for a short sale. Additionally, service members will not be obligated to pay any deficiency between the loan balance and the short sale price.
-The new additions provide second lien holders maximum pay-outs. Second mortgage holders have been known to hold up short sales by refusing to approve a sale because they did not like the pay-out. The new guidelines offer second mortgage holders up to $6,000 from Fannie and Freddie for sale approval.
In addition to the above, the new guidelines provide servicers and borrowers with clarity on how to handle short sales when a foreclosure is pending.
Good News for Florida Homeowners
There are a lot of Florida residents who could benefit from the new guidelines. According to CoreLogic, in the first quarter of 2012, 44 percent of Palm Beach County homeowners owed more on their mortgage than the worth of their home. According to RealtyTrac, in the first quarter of 2012, 1,777 Palm Beach County homes were sold in a short sale. This is a 53 percent increase from the fourth quarter of 2011.
Expanding eligibility for short sales to homeowners that are current on their mortgages and easing the short sale process for those in serious need may help Florida homeowners who are financially overwhelmed.
If you are considering a short sale, it is important to have an experienced attorney on your side that is knowledgeable about the procedure.
Article provided by Mascia Law Firm, P.L.
Visit us at www.mascialawfirm.com
New Federal Guidelines Expedite Short Sale Process
The Federal Housing and Finance Agency announced new guidelines that aim to restructure short sales.
2012-10-23
ELSE PRESS RELEASES FROM THIS DATE:
Medical Malpractice: Physician Burnout
2012-10-23
Medical Malpractice: Physician Burnout
A recent study finds that burnout is fairly common among physicians, and this proves troubling for many patients. Doctors are being overworked, and this can lead to problems with misdiagnosis and incorrect procedures.
The Study
The study, which was published in the Archives of Internal Medicine, looked at 7,288 doctors in June 2011. These doctors filled out surveys on their feelings of burnout and whether they believe it affected their personal work lives. The survey was called the Maslach Burnout Inventory and asked 22 questions ...
Parenting Time in New Jersey
2012-10-23
Parenting Time in New Jersey
Sometimes those impacted the most by divorce are the children. Their daily life changes as does their relationships with their parents. They may even have new people introduced into their lives. It is imperative that parents stay involved in their children's lives following divorce in order for the children to adjust to their new lifestyles.
With these interests in mind, many divorcing New Jersey parents strive to amicably establish some type of parenting plan outlining child custody and visitation. However, given the emotions that often ...
Attend the Lake Spivey Road Race and Stay at Nearby Hampton Inn Morrow GA Hotel
2012-10-23
Hampton Inn Atlanta-Southlake Morrow GA Hotel offers close lodging to guests attending the upcoming Lake Spivey Road Race. The event will take place on November 3, 2012 at First Christian Church in Jonesboro, GA. It will include a 5K (3.1 mile) run/walk and a 15K (9.3 mile) road race in Lake Spivey, GA. Visit lakespiveyroadrace.org for event details and registration.
"We are pleased to welcome participants and guests attending the Lake Spivey Road Race," shares Bob Tipton, General Manager at the Hampton Inn Southlake / Morrow Hotel. "Conveniently located ...
Holiday Inn Express & Suites Newberry Named a 2012 Torchbearer Award Winner by InterContinental Hotels Group
2012-10-23
The Holiday Inn Express & Suites Newberry SC Hotel is honored to be named a winner of InterContinental Hotels Group's (IHG) 2012 Torchbearer Award. Distinguished as the highest accolade in the IHG system, the Torchbearer Award goes to the top 3% of all IHG properties in North America. It is measured by their guest satisfaction scores.
Selected out of approximately 4,400 IHG hotels, which is the world's largest hotel group in number of rooms, Holiday Inn Express & Suites Newberry Hotel is excited to be recognized for their commitment to service excellence. The ...
4t Networks Offers Microsoft SQL Server 2012
2012-10-23
4t Networks is pleased to announce the immediate availability of Microsoft SQL Server 2012 editions in the company's cloud hosting environment.
The 2012 edition of Microsoft SQL Server includes expanded virtualization rights, expanded options, benefits, and flexibility for the user in the virtual environment. And, with 4t Networks' simplified pricing and editions, it is now easier than ever to handle your organization's cloud web hosting.
In order to license each Virtual Machine, there is a minimum of 4 core licenses required. These are sold in 2 core increments. ...
4t Networks Explains How a Disaster Recovery Plan Can Help Your Business
2012-10-23
There are countless factors that can put your business at risk for disaster, from unfortunate accidental occurrences like human error or a natural disaster, to more malicious causes like a computer virus or hackers. For this reason, Cloud hosting company 4t Networks encourages every business to have a disaster recovery plan.
When disaster does strike, it is a very serious issue. In fact, 90 percent of businesses who have not protected themselves with a good backup and recovery plan end up filing for bankruptcy within three years of their first reported disaster.
Fortunately, ...
Hip Hop Jewelry Seller Cream Jewelry Best Celebrates Halloween the Hip Hop Way
2012-10-23
Halloween is just around the corner, and if you haven't figured out what your costume will be, hip hop jewelry retailer Cream Jewelry Best has a suggestion: why not dress as your favorite hip hop star?
With the right iced out jewelry and attitude, you can rock Halloween as a hip hop legend. Several hip hop icons have embraced this tradition, allowing exclusive masks of their likenesses to be produced so that fans can live the life on Halloween night.
Lil Jon has taken an especially enthusiastic stance, encouraging his fans to purchase masks of his likeness and wear ...
Orlando Bankruptcy Attorneys Clark & Washington Find That Bankruptcy is a Chance for Hope
2012-10-23
Orlando bankruptcy attorneys Clark & Washington understand the strain that financial woes can place on a person's emotions. Often, the further into financial trouble a person finds themselves, the more unhappy and hopeless they feel. Constant calls from creditors don't make the situation any better and often lead to debtors feeling even more hopeless.
The best way to regain your sense of hope for your financial future is to talk to one of Clark & Washington's Orlando bankruptcy attorneys. You can schedule a free consultation at one of the firm's convenient Orlando ...
Coventry Georgia Health Insurance Brokers McCart Insurance Encourage Immunizations
2012-10-23
McCart Insurance understands that keeping your family up-to-date on its immunizations is not necessarily fun. Whether it's holding a screaming baby for a shot or keeping track of immunization records to know when it's time for a new tetanus shot, immunizations aren't exactly anyone's idea of a good time. But they are generally covered by your Georgia health insurance and they are important to your health.
Immunizations are generally covered by Georgia health insurance plans because they help contribute to herd immunity. That is, the more people who actively keep up on ...
Atlanta Limousine Company Metro Limo Encourages Taking a Limo to the Airport for Holiday Trips
2012-10-23
Metro Limo knows how to relieve some of the stress of your holiday vacation. Better yet, they know how to make the trip to the airport one of the best parts of your journey: take a limo!
Most people spend the last hour or so before they need to be at the airport double-checking their luggage or finishing last minute packing. Then, it's on to the over-crowded highways fighting through traffic and hunting for a place to park that won't end up costing as much as the rest of the trip put together. By the time you make it to the security checks, you're already frazzled and ...
LAST 30 PRESS RELEASES:
Malnutrition in children rises when economy drops
New model enables the study of how protein complex influences mitochondrial function
Device study offers hopes for spinal cord injuries
How urea forms spontaneously
Mayo Clinic’s AI tool identifies 9 dementia types, including Alzheimer’s, with one scan
Gene therapy improves blood flow in the brain in patients with sickle cell disease
Building breast tissue in the lab to better understand lactation
How gut bacteria change after exposure to pesticides
Timepoint at which developing B-cells become cancerous impacts leukemia treatment
Roberto Morandotti wins prestigious IEEE Photonics Society Quantum Electronics Award
New urine-based tumor DNA test may help personalize bladder cancer treatment
How a faulty transport protein in the brain can trigger severe epilepsy
Study reveals uneven land sinking across New Orleans, raising flood-risk concerns
Researchers uncover novel mechanism for regulating ribosome biogenesis during brain development
RNA codon expansion via programmable pseudouridine editing and decoding
Post-diagnosis emergency department presentation and demographic factors in malignant skin cancers
A new genetic tuner for embryo development
Insurance churn and the COVID-19 pandemic
Postpartum Medicaid use in birthing parents and access to financed care
Manufacturing chemicals via orthogonal strategy, making full use of waste plastic resources in real life
Study overturns long-held belief about shape of fish schools
Precision oncology Organ Chip platform accurately and actionably predicts chemotherapy responses of patients suffering from esophageal adenocarcinoma
Verify the therapeutic effect of effective components of lycium barbarum on hepatocellular carcinoma based on molecular docking
Early intervention changes trajectory for depressed preschoolers
HonorHealth Research Institute presents ‘monumental’ increase in survivability for patients suffering ultra-low blood pressure
Mitochondrial dynamics in breast cancer metastasis: From metabolic drivers to therapeutic targets
Removing out-of-pocket fee improves access to 3D mammography
Does reducing exposure to image and video content on messaging apps reduce the impact of misinformation? Yes and no
A global microbiome preservation effort enters its growth phase
New credit card-sized TB test could close the diagnostic gap in HIV hotspots
[Press-News.org] New Federal Guidelines Expedite Short Sale ProcessThe Federal Housing and Finance Agency announced new guidelines that aim to restructure short sales.