fannie mae short sales - Rulnick Realty

Green Tree, USAA Approve Crestview FL – Eglin PCS Short Sale – Beaver Creek

Wendy Rulnick — Wed, 24 Sep 2014 17:05:34 +0000

This Green Tree and USAA short sale in the Beaver Creek subdivision, Crestview Florida, has been approved for short sale and closed today. The home at 127 Mill Pond Cove, had a senior lien serviced by Green Tree and was a Fannie Mae loan. The junior lien was USAA. In this case, Permament Change of Station (PCS) orders from Eglin Air Force Base was the reason for short sale. PCS orders are considered an acceptable hardship by Fannie Mae, who announced this year that there would be no cash contribution or promissory note required from the PCSing seller if the home was purchased before June 20, 2012 and had been a primary residence.

This Crestview Florida short sale was initially counter offered by Fannie Mae via Green Tree at a price much higher than the contract price. I challenged the valuation through Fannie Mae’s Homepath website by providing comparable sales that supported the original offer. One week later, Fannie Mae agreed to lower the price after reviewing my data.

This home at 127 Mill Pond, in Beaver Creek, Crestview Florida, sold for $120,700.

Here is the Fannie Mae bulletin that addresses the short sale PCS hardship and seller contribution.

Fannie Mae PCS Short Sale Update

It’s Wendy… It’s Sold!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Wendy Rulnick, Broker, is co-found of www.shortsalesuperstars.com has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Miramar Beach, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Panama City Beach.

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Green Tree Approves Victoria Gardens, Fort Walton Beach FL Short Sale

Wendy Rulnick — Mon, 28 Oct 2013 18:09:16 +0000

This home at 334 Victoria Ave., Fort Walton Beach, Florida was approved for short sale and just closed. Here are the details:

Senior Lien: Green Tree Servicing

Senior Lien balance: $156,000

Junior Lien: Green Tree Servicing

Junior Lien balance: $40,000

Current Value: $135,000

Hardship: Military PCS (Permanent Change of Station from Eglin Air Force Base)

The senior Green Tree loan was backed by Fannie Mae, which considers military PCS a long-term hardship, offering short sale as an option. We had to provide a copy of the PCS orders to Green Tree to support the case. I always recommend providing as much detail as possible to justify a hardship in a short sale situation, so we send in PCS orders automatically. Both the senior and junior lien for this Fort Walton Beach home were approved within 60 days. There was no deficiency judgment, no cash contribution and no promissory note due from the seller.

334 Victoria Ave., Fort Walton Beach Florida sold for $135,900.

If you are in a military PCS situation and are considering short sale, if your loan is not backed by VA (VA Compromise Sale), find out if your loan is backed by Fannie Mae. Here is the link to the Fannie Mae loan look-up. If it is a Fannie Mae loan, you can contact the Fannie Mae Help Center or give me a call to discuss your options.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach short sale specialist

Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAP military PCS, HAFA, Bank of America Coop program and more. She is also co-founder of www.ShortSaleSuperstars.com and short sale instructor to agents across the United States. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.

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Fort Walton Beach Regions Bank – Short Sale Approved

Wendy Rulnick — Mon, 04 Feb 2013 19:13:30 +0000

This Regions Mortgage Fort Walton Beach Florida short sale was just approved! It was one of the longest short sales transactions I’ve had in a few years. How long? Five and a half months.

There were a few twists to this Fort Walton Beach short sale story. The property was a triplex and there were three loans on it. All were with Regions Mortgage. All were Fannie Mae backed loans. One problem was that the Okaloosa County Property Appraiser said the Triplex was one property, not three. Regardless of what the property appraiser said, Fannie Mae, wanted three contracts to review. So we had to break the original contract into three. Regions Mortgage stated they were waiting for Fannie Mae to respond for “months” to our file. Regions did not always return emails and phone calls promptly, but they did, however, provide me with the direct email addresses of their negotiators. This is always helpful. Some lenders, such as Suntrust, do not provide negotiator contact information at all. Another interesting note – Regions accepted electronic signatures. Bank of America would not accept electronic signatures on a Fannie Mae short sale I recently completed with their company, stating that Fannie Mae’s electronic signature guidelines were too onerous.

Finally, in January, after a small counter offer, and the buyer countering back, we had an approval from Fannie Mae via Regions Mortgage. Or three, that is! This property is scheduled to close within the next few weeks. The seller received a full waiver of deficiency.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach short sale help

SHOULD YOU SHORT SALE OR STAY CALCULATOR

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Amalfi Coast, Miramar Beach FL Fannie Mae Approved Short Sale

Wendy Rulnick — Tue, 29 Jan 2013 16:25:13 +0000

It was an interesting run to “APPROVED” and “SOLD” for this Amalfi Coast Unit B114 short sale condo in Miramar Beach, Florida. The condo had one Bank of America mortgage and the investor on the mortgage was Fannie Mae.

Initially, the property was enrolled by Bank of America into their cooperative short sale program with a set list price. After I received a good offer that become a “contract” just 60 days later, I found out that it had mistakenly been entered into the “Coop” program. Bank of America had delegated the servicing of this loan to a third party company, REDC, with whom I did the negotiating. I got a terse “rejection” on the file even after some counter offering of price and a request for seller contribution. I could not get a good explanation as to “why” the file was rejected so that I could solve the problem.

The seller said to me, “Well, thank you, we tried.”. “Tried?”, I replied, “I am not done yet.” When something is wrong, it’s wrong. I knew this Fannie Mae short sale should have been approved. I wasn’t going to be “done” until it was approved. I emailed Fannie Mae executives directly. I received no reply or even acknowledgment (hey, aren’t they a government agency?). My next step was to escalate this file to the Bank of America Twitter Team (technically called their “Social Media” team). I explained that the seller should have had an approval based on the new FHFA Fannie Mae guidelines that had been announced in November 2012. His hardship was one of the automatic approvals listed. The Twitter rep understood!

The file was pulled from REDC, the third party vendor, and I was assigned an ace Bank of America negotiator who “got it”. We worked the file, and he re-submitted to Fannie Mae. Result? Approved.

The seller was thrilled. The buyer, who was working with another agent, even dropped me off a bottle of champagne (first time that’s ever happened in my career). The Bank of America negotiator told me that his reward was helping people. That meant a lot. I feel the same way.

Do you have a Fannie Mae Bank of America short sale property in Miramar Beach or Destin Florida? Give me a call. I don’t give up until it’s done!

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Destin Short Sale Agent

SHOULD YOU SHORT SALE OR STAY CALCULATOR

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Strategic Default Short Sale – Foreclosure in Destin Florida – Beware

Wendy Rulnick — Tue, 06 Nov 2012 22:31:07 +0000

Recent articles about short sale strategic default of vacation home and investment properties, like those in Destin Florida, have caused a stir. An October 2012 Federal Housing Finance Agency (FHFA) report stated that Fannie Mae and Freddie Mac, which are enterprises it oversees, don’t uniformly pursue collection of short sale deficiencies. A deficiency is the balance of the mortgage note that was not paid after a short sale or foreclosure. The audit, FHFA’s Oversight of the Enterprises’ Efforts to Recover Losses from Foreclosure Sales addressed “strategic default”, which is when a borrower allows a foreclosure to occur (walks away) or perhaps does a short sale without a true hardship. In these cases, there could be better collection efforts and recoveries of deficiency balances, according to the audit.

The report suggested that FHFA will provide future guidance in the deficiency collection process to Fannie Mae and Freddie Mac to get substantial monies recovered. Corrective action planned per the report to better oversee and collect deficiencies would be based on these criteria, among others:

1. Type of property foreclosed on (specifically naming real estate investors and vacation home owners)

2. Amount of deficiency

3. Cost to collect

The audit stated “FHFA would not encourage the Enterprises (Fannie Mae and Freddie Mac) to pursue all borrowers including those unable to pay….”

Sellers who have completed short sales, for example, in resort towns like Destin Florida or Santa Rosa Beach, and have not received a waiver of deficiency may be pursued in the future. If you choose to do a short sale without a waiver of deficiency or “walk away” from a mortgage through foreclosure, you should consult with an attorney first.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Destin Florida Short Sale Help

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Fannie Mae, Freddie Mac Short Sales Changes – Nov 1

Wendy Rulnick — Mon, 15 Oct 2012 21:09:12 +0000

I get many calls from sellers who need or want to short sale, but they are not behind on their mortgage payments. There are various reasons for this – they don’t want to affect their credit, their personal sense of responsibility, or sometimes they can still afford the payments although they are very “upside down”. For those who are current on their payments, but cannot afford them, I’ve seen some sellers max out their credit cards, wipe out their 401K and retirement savings, work three jobs, or put their entire financial future in jeopardy. But whatever the situation, many will now be helped by new short sale guidelines announced by The Federal Housing Finance Agency (FHFA) that take affect November 1, 2012. The FHFA is setting new short sale standards for Fannie Mae and Freddie Mac that will not only help “current” borrowers facing short sale, but speed up the process in general and give special U.S. military member consideration.

Here are the situations where a borrower does not have to be behind in their mortgage payments for Freddie Mac or Fannie Mae loans to be approvable for short sale:

1. Divorce

2. Death or borrower, co-borrower or household contributor

3. Disability

4. Job loss

5. Increased household expenses (like gas, taxes, homeowners insurance, new baby)

6. Business failure

7. Natural or man-made disaster (think B.P. oil spill)

8. Relocation for new work or job transfer of more than 50 miles, including military PCS

One fabulous change is that U.S. military , such as Eglin Air Force Base or Hurlburt Field airmen, who must relocate to a new base, (called PCS or Permanent Change of Station), will not be required to contribute to the deficiency balance after a short sale, which is the difference between the sales proceeds and remainder on the note, if the property was purchased before June 30,2012. (Military homeowners often use VA home loans, so this may not apply to many of them. In those cases, see my VA Compromise Sale articles.) Others, however, may be required to make a cash contribution if they are current on their mortgage and show the ability to do so, in order to get a waiver of deficiency.

To expedite short sale approvals, here are a few more guideline changes that should save time:

1. Fannie Mae and Freddie Mac will offer junior liens $6000 to allow the short sale, instead of looking at individual cases.

2. Borrowers who are behind on their mortgage payments, have poor credit scores and a hardship will not be required to provide as much financial documentation as a regular short sale.

3. Response time from the lender initially must be within 30 days, with weekly reports thereafter.

These Fannie Mae and Freddie Mac short sale changes go into effect on November 1. If you need to short sale, take action now. Need help? See the resources below:

Military PCS: call 1-877-MIL-4566 or 1-800- FREDDIE.

Freddie Mac and Fannie Mae loan look up:

http://www.FannieMae.com/loanlookup or call 1-800-7Fannie

http://www.FreddieMac.com/corporate or call 800-Freddie

Wendy Rulnick, Broker, itswendy@rulnickrealty.com Call or email me if you need to short sale in Florida in Destin, Sandestin, Crestview, Fort Walton Beach, Navarre, Miramar Beach, Niceville, Rosemary Beach, Santa Rosa Beach, Freeport and Vicinity.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Emerald Coast Short Sale help

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Green Tree Approves Elliotts Point, Fort Walton Beach FL Short Sale

Wendy Rulnick — Mon, 05 Apr 2010 21:29:57 +0000

Green Tree Servicing has approved the short sale on this home in Elliotts Point, Fort Walton Beach Florida. The odd thing about the approval was that Fannie Mae initially rejected the short sale because the seller was current on his payments, even though he had a hardship, as I wrote in “Current on Your Mortgage? Short Sale Denied!”. He was told he could get 30 days behind, then resubmit the short sale package. He did so, and another 30 days later, the sale was approved!

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Fort Walton Beach FL Real Estate

Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Wendy’s Fort Walton Beach Real Estate Blog

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How Will Santa Rosa Beach Short Sale Affect My Credit?

Wendy Rulnick — Mon, 21 Sep 2009 20:22:55 +0000

Curious what your credit score will drop when you do a short sale? You’ll often read on the internet 80-100 points, sometimes less. Guess what? Sometimes it is more. I just received this email from one of my Santa Rosa Beach Florida short sale sellers. I sold his home a few months ago. I had asked him to check his credit score before and after the short sale. Here is his email:

“Checked on my credit score with Transunion and went from 780 (Excellent top 2 percent) to 633 (Rated poor to good). I was anticipating somewhere around 680 and disappointed that big of a drop.”

My seller only had one mortgage loan on his home. So, six missed payments and a short sale caused a 147 point drop. I don’t know the other variables he had that may have affected his credit, like high charge card debt, etc. But his drop is more than what is often quoted for a short sale.

A short sale or foreclosure are both similar derogatory events on your FICO score. However, a short sale will have a lesser impact on your future ability to borrow than a foreclosure or deed-in-lieu of foreclosure.

Fannie Mae, the nation’s largest backer of mortgages, has guidelines that favor those who do short sales versus foreclosures or deed-in-lieu of foreclosure. In fact, you may be able to purchase a new home immediately if you have no missed payments and were not required to sign a promissory note or deficiency judgment was not entered. Otherwise, the waiting time is normally only 2 years after a short sale to buy a new home.

If you do a deed-in-lieu of foreclosure (turning in the keys) you will have to wait 4 years to apply for a mortgage with restrictions up to 7 years If you do a “walk-away” foreclosure, you will have to wait 5 years with even more stringent borrowing terms and a credit score of at least 680.

Additionally, your chances of a deficiency judgment may be less with a Santa Rosa Beach short sale, since you are working with your lender to resolve the problem. In other words, with a short sale, your lender is not “taking” your property back and you are not leaving it in their lap.

So, don’t just focus on your credit score when contemplating your alternatives. Compared to foreclosure, a short sale may be your best choice when it comes to your future financial security.

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Santa Rosa Beach Short Sales & Pre Foreclosure Help.

Read Santa;Rosa Beach Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, to help you sell your short sale home in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field, Florida. Wendy Rulnick has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”.

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