The Federal Housing Finance Agency announced Tuesday that it is issuing new guidelines that set out to more quickly qualify borrowers and speed up the short-sale process.
Among the new guidelines, home owners with a mortgage backed by Fannie Mae or Freddie Mac will be able to sell their home in a short sale even if they are current on their mortgage, assuming they can prove a hardship. Eligible hardships often include death of a borrower or co-borrower, divorce, disability, or job relocation (such as a job transfer or new employment 50 miles away from their current home).
The new FHFA guidelines also permit mortgage servicers to speed up the processing of short sales for borrowers with eligible hardships without needing additional approval from Fannie Mae or Freddie Mac.
“These new guidelines demonstrate FHFA’s and Fannie Mae’s and Freddie Mac’s commitment to enhancing and streamlining processes to avoid foreclosure and stabilize communities,” FHFA Acting Director Edward J. DeMarco said in a public statement.
Also among the new guidelines:
-- Military service members who are being relocated will automatically be eligible for short sales, even if they are current on their mortgages.
-- Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments for borrowers who short sale who have sufficient income or assets and can make a financial contribution or sign a promissory note.
-- Freddie Mac and Fannie Mae will offer up to $6,000 to second lien holders in order to quicken the pace of a short sale. “Previously, second lien holders could slow down the short sale process by negotiating for higher amounts,” according to the FHFA.
The new guidelines will go into effect Nov. 1.
The National Association of REALTORS® worked with the FHFA and the government-sponsored enterprises in creating the new short sale guidelines. NAR applauded the FHFA’s approval of the guidelines.
“REALTORS® appreciate the FHFA’s efforts to increase the number of short sale approvals, which limit the losses incurred by home owners, lenders, the federal government and taxpayers,” says Moe Veissi, NAR president. “We hope these new guidelines will allow many more hardworking American home owners that would have previously been denied a short sale to now be approved and avoid defaulting on their mortgage loan.”
Source: Federal Housing Finance Agency and the National Association of REALTORS®"
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Grande Dunes features very unique architecture and is one of Myrtle Beach's premiere luxury communities. Boasting its Mediterranean-style architecture throughout all of the communities and neighborhoods, which are found on both the Intracoastal Waterway and on the Atlantic Ocean. The Grande Dunes also features spectacular, well manicured golf courses, two membership clubs, a marina, world class tennis, and upscale dining. Scroll down to learn more about each community and view properties for sale by clicking on the various links. If you find a property that interests you, we will be happy to provide more information or help you take the next step towards owning one of the luxurious properties.
Click On The Links to View Listings For Sale In Each Community
Riviera, Palermo, Cadiz, Capri Village, Milano, Tuscany Village, and Members Club - These neighborhoods are located just over the bridge and offer luxury homes with spectacular Intracoastal Waterway and golf course views.
Villa Firenze - Golf course villas that offer carefree living, private elevators, large screened verandas, and beautiful views. There are only six residences in each building so it offers unmatched privacy.
Bal Harbor – This is the place for boating enthusiasts. This gated community offers custom estate homes on large homesites all with access to the Intracoastal Waterway. Some of the homesites will have docks with boat slips.
Marina Inn at Grande Dunes - With breathtaking views of the Intracoastal Waterway and the marina, this luxury resort offers world class amenities and beautiful condos that will keep the most selective traveler coming back for more.
Calais - A small gated community that has only about 30 luxury homes and is located just a block from the beach and the fabulous Ocean Club.
Oceanfront Homes – Here is your opportunity to own some of the most prestigious Oceanfront homes and lots on the east coast. These oceanfront homes will offer great views of the blue Atlantic.
Villa Marbella - A gated community that offers luxury condos located directly on the Intracoastal Waterway.
Castillo Del Mar – Luxury homes that are just a short walk to the beach and Ocean Club. There are a number of resale opportunities available.
Siena Park & Seville - Residential Single family homes in a park like setting. Located just 2 blocks from the ocean on 76th Avenue, these neighborhoods are extremely convenient to all the areas shopping and attractions.
Vista Del Mar – Oceanfront high-rise condominiums that deliver breathtaking views of the Atlantic. They offer spacious floorplans and the security of a gated entrance.
Grande Dunes Amenities
Beachfront Ocean Club – The 25,000 sq. ft. Mediterranean style Ocean Club offers spectacular ocean views, upscale dining, a beautiful pool with a bar & grill, and a number of other social and leisure opportunities. All this is yours if you own property in the Grande Dunes.
Golf – There are two championship golf courses. The resort course designed by Roger Rulewich that plays along the Intracoastal Waterway has been named a "Top 10 You can Play" course by Golf Magazine. The private members course was designed by Nick Price and Craig Schreiner which is located in the North Golf Village. There is also a 27,000 square foot private members area.
Tennis & Fitness – Award winning tennis and fitness facilities are available. Overlooking the Intracoastal Waterway the facilities feature 10 courts, an outdoor pool, fitness room and a pro shop offering a number of tennis and fitness supplies.
Security – Many of the communities located in Grande Dunes are gated. Security personnel also cruise the neighborhoods as well. If you would like further informtion concerning properties for sale in the Grande Dunes or are considering selling a home in Grande Dunes contact us today or call Ace Realty at 843-655-5777.
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Foreclosure: The most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client is in the CIA, Military, Security, a police officer or holds any other position requiring a security clearance, in almost all cases the clearance will be revoked and the position will be terminated!
Short Sale: A Short Sale on its own doesn't challenge most security clearances.
Foreclosure: Employers have the right to check employees credit regularly. A foreclosure in many cases can be grounds for immediate termination or reassignment.
Short Sale: A Short Sale isn't reported on a credit report and is not a challenge to employment.
Foreclosure: Many employers are required to run a credit check on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.
Short Sale: A Short Sale is not reported on a credit report and is not a challenge to employment.
Foreclosure: In 100% of foreclosures (except in states where there is no deficiency), the bank has the right to pursue a deficiency judgement.
Short Sale: In some successful Short Sales it's possible to convince the lender to give up the right to pursuit a deficiency judgement against the homeowner.
Deficiency Judgement (Amount)
Foreclosure: A foreclosure will go through an REO process if it doesn't sell at the auction. In most cases this will result in a lower sales price and longer time to sale in a declining market. This will result in a higher possible deficiency judgement.
Short Sale: In a properly managed Short Sale, the home is sold at a price that should be close to the market value and in almost all cases will be better than an REO sale resulting in a lower deficiency.
If you need help with your current situation, contact me and I will be glad to assist you. Our office specializes in Short Sales and can assist in getting your home sold before it goes into foreclosure.
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