New short sale program to help homeowners

By WEEK Producer
By NBC News

New short sale program to help homeowners

November 13, 2012 Updated Nov 13, 2012 at 11:09 AM CDT

WASHINGTON, D.C. -- A new short sale program could help homeowners who face a possible hardship and are current on loan payments but owe more than their home is worth.

A traditional short sale allows delinquent homeowners to sell the home for less than what is owed.

Under the new program, homeowners can contact their mortgage provider and ask to participate in the Fannie-Freddie short sale for non-delinquent borrowers.

Get a realtor or broker who is knowledgeable about short sales to list the property, find a qualified buyer and communicate the details to the mortgage company.

If the short sale package is accepted, the deal could be final in a few weeks.

Eligible hardships include job loss, reduction in income, divorce or separation, death of a borrower, and more.

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