Miami Short Sales Now in Reach of Homeowners with Perfect Payment History

As of November 1st of this year, new guidelines from Fannie Mae and Freddie Mac will allow Miami homeowners experiencing financial hardship to qualify for short sales even if they have never missed a mortgage payment. Previously an unblemished payment history would have disqualified homeowners from the possibility of obtaining a short sale. The need to prove substantial hardship is still required but this change will allow many Miami homeowners to qualify for a short sale that would not have been possible before the new rules took effect.

In addition to this much needed change officials of the FHFA (Federal Housing Finance Agency) report that they are currently “in discussions with the credit industry” to find ways to preserve the credit rating of those homeowners whom undergo a short sale but also have never missed a mortgage payment in the past.

 

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