SOURCE: Americorp Financial & Realty Services
SAN DIEGO, CA--(Marketwire - August 29, 2012) - The San Diego short sale experts at Americorp Financial & Realty Services, a company that provides ongoing help to troubled homeowners whose mortgages are under water by way of guiding them through the short sale process, hereby alert the public of the announcement by the federal government of new rules that are designed to make the completion of a short sale easier for those troubled homeowners.
Specifically, the Federal Housing Financing Agency announced last week that it was taking steps to provide an easier path to short sales for those whose homes are worth less than what they owe. One such rule is for Fannie Mae and Freddie Mac to place a $6,000 cap on the amount of money holders of second mortgages on a property can receive when a short sale is completed. This rule, according to the agency, is designed to prevent haggling between the homeowner and the mortgage holder that can lead to delays. However, the holder of that second mortgage could still reject a proposed short sale if it thought that was the best decision, but it must respond to a proposal within 30 days.
These rules would only affect those mortgages that are backed by Fannie Mae and Freddie Mac, but according to statistics released by the agency approximately 4.6 million people who hold these loans are currently under water. In addition, approximately 80 percent of these borrowers have not missed a payment, according to the statements made by the Federal Housing Financing Agency.
According to the same agency, approximately 8.8 percent of all home sales in May of 2012 were done by way of short sale, which is an increase from 7.6 percent during May of 2011. The San Diego short sale professionals at Americorp Financial & Realty Services asks anyone who may be having trouble with a home loan to contact their office to schedule an initial consultation.
About Americorp Financial & Realty Services
Americorp Financial & Reality Services is a team of San Diego short sale specialists who help troubled homeowners resolve their ongoing mortgage problems. The team also helps their clients purchase homes and handle the complicated VA loans process. Americorp Financial & Realty Services provides its expertise to customers around San Diego County and the rest of Southern California.