Legacy Title Company – Blog Articles

Short Sales

Posted 2012-06-16

As a result of the economy the last few years, hardworking people have lost their jobs and got behind on their mortgage.  Recently, new guidelines have been established to assist homeowners with the approval of a "short sale"-which is the homeowner selling the house for less than the value of the mortgage.  Until recently, the banks have been the controlling factor for the approval of the "short sale". 

New guidelines have been established to help streamline the process to homeowners whose mortgages are backed by Fannie Mae or Freddie Mac.  Please refer to the following links to see if you fall into the category if you choose the "short sale" route.

http://www.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/

Please contact Legacy Title Company with any assistance we can provide to help during this process.