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Short Sale Education
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ALL PROVIDE FULL WAIVER OF DEFICIENCY
1. FANNIE MAE OR FREDDIE MAC conventional mortgages: At closing, the seller will receive $3,000 relocation assistance from FNMA or Freddie providing their financial situation confirms there is an inability to sustain the mortgage payment and property is owner occupied a the time the short sale is approved.
2. FHA mortgages: If seller’s mortgage is FHA and they have no 2nd mortgage on the property, seller will receive $3000 in FHA short sale incentive. If there is a 2nd mortgage on the property, seller’s incentive is used as part of the payment to the 2nd mortgage for release of lien. Also, if there are any fees due at closing not payable by seller’s lender such as delinquent HOA dues, final water bill, etc., seller’s FHA incentive can be used to pay those items required for clear to close. If seller’s FHA incentive is not needed for 2nd lien release or other uncovered costs, the funds are for the seller to keep.
3. VA Mortgages: If seller's mortgage is DVA and property is owner occupied, seller may receive up to $1,500 in relocation assistance funds at the closing.
We are so pleased to provide this website to help homeowners, buyers, and real estate agents alike as they search for the most current information available regarding the ever-changing short sale processes we all experience.
You can use this website to get many of your general questions answered regarding whether or not a short sale may be available to you as your alternative to foreclosure. How the laws, rules, and your lender requirements apply to you, specifically, is information you can receive at your no charge consultation with one of our attorneys.
All necessary documentation and forms required by your lender for your short sale consideration is provided on this website and will always include the most up to date forms as lenders frequently change them.
The Buyer Frequently Asked Questions page provides sound advice for you to determine how to make your offer one that will lead to short sale approval and successful closing.
For real estate agents:
We are hoping this website can be used by you as a marketing tool so your seller will realize that, by being represented by you and Markve and Zweifel law firm, they will obtain the best possible outcome to their short sale experience.
All necessary short sale forms, even those that are lender specific, are available to you at all times making for the most efficient short sale listing and marketing processes.
We look forward to receiving any comments you may have regarding the website as well as any suggestions for additions to the website that can make your role easier and/or more efficient. Email firstname.lastname@example.org your comments and/or suggestions.
By accessing this web site, you acknowledge that the information contained herein is not legal advice, advertising or solicitation. Accessing materials on this web site does not constitute legal advice, establish an attorney-client relationship, or create any duty to any reader. An attorney-client or lawyer-client relationship with Markve & Zweifel may be established only by an engagement letter signed by an attorney with Markve & Zweifel. Unsolicited information sent to us by persons who are not clients of the firm is not subject to any duty of confidentiality.
Markve & Zweifel lawyers and attorneys practice in the area of short sale negotiation for the Minneapolis, St. Paul, Maple Grove areas including Bloomington, Brooklyn Park, Anoka, Brainerd, Fridley, Eagan, Shakopee and surrounding areas in Minnesota. This includes short sales in Wisconsin from Hudson to Milwaukee overseen by our attorney licensed in Wisconsin.
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