Freddie Mac reinforced the requirement that the servicers of their loans and Freddie Mac itself would waive deficiencies for short sale and deed-in-lieu of foreclosure transactions.
The announcement came out in their 2012-5 Bulletin found here.
A deficiency judgment is where an investor or servicer of a loan recoups the money they lost because of a short sale, deed-in-lieu, or foreclosure by going after the former owner.
If you sold your home for $100,000 but owed $200,000 on your mortgage the servicer has the right to come after the difference in accordance with Nevada law. Because of this new requirement more homeowners will be able to use the Short Sale Mortgage Debt Cancellation.
To find out if your loan is a Freddie Mac follow this link. Freddie Mac Loans For more information on doing a short sale in Reno or Sparks, Nevada contact Ricky at (775) 750-1437 or Ricky@Resnv.com
Renown Real Estate Services
6900 South McCarran Blvd., Suite 3040
Reno, NV 89509
| Office:(775) 313-9600 | Cell:(775) 750-1437 | Fax:(775) 562-4779 |