a) The Federal Housing Finance Agency (FHFA) recently announced that military homeowners with Fannie Mae or Freddie Mac loans who receive Permanent Change of Station (PCS) orders will be eligible to sell their homes in a short sale, even if they are current on their mortgage. Previously, many military families’ only options were to maintain financial obligations on two residences, or to default on their mortgage. Under the new policy, Fannie Mae and Freddie Mac will not pursue a deficiency judgment from service members with PCS orders for any property purchased on or before June 30, 2012. PCS orders often require quick moves and can create hardship for military homeowners who are underwater on their mortgages and therefore cannot sell their home without taking a loss. Military families were faced with tough situations such as living in separate homes or the risk of losing the service member’s security clearance.
Service members can check the Fannie Mae www.fanniemae.com/loanlookup and the Freddie Macwww.freddiemac.com/avoidforeclosure/military_assistance.html
websites to see if their loans are held by them or they can call hotlines for military homeowners at 1-877-MIL-4566 or 1-800-FREDDIE.
Something sort of new in our Jacksonville/Onslow County area market is real estate auctions. One took place this morning on Pollard Drive. About twenty folks attended the event on the home’s front lawn with the proerty going for 77,000. Homes in this development, depending on condition and heated square footage normally sell in the ball park of 130,000-140,000. The home wasn’t in fantastic shape; as a rule of thumb, if folks can’t pay their mortgage, they aren’t doing general maintenance or repairs as needed (I suspect, market value of supplies and labor on repairs in the 20-30k range). So, the home had to be paid for, cash. The repairs, cash unless you are your own repair person or working with one as a team and you must hang on to the property for 120 days as per new “flipping” regulations. So, this isn’t a fantastic match for everyone but, if you’re interested, I can obtain a list of bank owned homes for you, free of charge, no catch, however, I’d like to make sure it’s a viable option for you.
I get lots of questions as a Real Estate Broker regarding bank owned/reo properties. There’s lots of talk about buying these distressed properties which somtimes can be a great value, however, in many instances, the type of money (cash, mortgage, etc.) you can purchase the property varies. Many moons ago lenders and investors were trying to sell the property for what was owed on the note, which, in a round about way you can still find these properties but generally only when there is a tax lien on the property. . .in which case it’s a cash only transaction. Short sales, auctions, and conventional sales, I’m sure you have a million questions. I’d love an email and would be happy to answer and hopefully, make the process make a little more sense.
There’s one more area auction for a home on Warlick in downtown Jacksonville on December 8th. If you’re interested in this home, check http://williamsauction.com/Search/mySearch.aspx?keyword=28540&p=1.1 for more info on time and location. If you’d like more info on other homes, please check out www.910homes.net or email me for a custom search of homes that are tailor made for you.