Get the free Freddie Mac Short Sale Addendum - Short Sales in CT

FREDDIE MAC SHORT SALE ADDENDUM Seller: Buyer: Seller: Buyer: Sellers agent/listing agent: Buyers Agent: N/A Transaction Facilitator (if applicable): Escrow Closing Agent This Addendum to Contract

How to fill out freddie mac short sale

How to fill out a Freddie Mac short sale:

1. Gather necessary documentation: Before starting the process, gather all the relevant paperwork you'll need to fill out the Freddie Mac short sale application. This may include financial statements, tax returns, pay stubs, bank statements, and hardship letters.
2. Contact your servicer: Reach out to your loan servicer and inform them of your intention to pursue a short sale. They will provide you with the required forms and guide you through the process.
3. Complete the Freddie Mac short sale application: Fill out all the necessary sections of the application accurately and provide all requested information. This will include details about the property, the mortgage, your financial situation, and the reasons for requesting a short sale.
4. Submit supporting documents: Include all the supporting documentation required by Freddie Mac with your application. Be sure to double-check that everything is properly organized and all documents are included.
5. Obtain a buyer: Once you have submitted your completed application, actively market your property to find a qualified buyer. Buyer qualification is crucial as the offer must meet the fair market value determined by the servicer.
6. Notify your loan servicer: Once you have a qualified buyer, notify your loan servicer immediately. They will guide you through the steps required to approve the sale and begin negotiations with the buyer's agent.
7. Negotiate and accept an offer: Work closely with your loan servicer to negotiate and accept an offer that meets the guidelines set by Freddie Mac. The servicer will review the offer and determine if it is acceptable based on the current market conditions and the mortgage balance.
8. Close the sale: Once an acceptable offer is obtained, work with the buyer and their agent to complete the necessary paperwork and proceed towards closing the sale. Ensure all parties involved are aware of the timeline and adhere to it strictly.

Who needs a Freddie Mac short sale?

A Freddie Mac short sale may be necessary for homeowners facing financial difficulties, such as job loss, reduced income, or overwhelming debt, who can no longer afford their mortgage payments. It is an option for those who owe more on their mortgage than the current value of their property and are unable to pursue loan modification or other alternatives.

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What is freddie mac short sale?

Freddie Mac short sale is a process where a homeowner sells their home for less than the outstanding mortgage balance with approval from Freddie Mac.

Who is required to file freddie mac short sale?

Homeowners who have a mortgage held or guaranteed by Freddie Mac and are facing financial hardship may be required to file for a Freddie Mac short sale.

How to fill out freddie mac short sale?

To fill out a Freddie Mac short sale, homeowners must work with their mortgage servicer and provide documentation supporting their financial hardship and inability to continue making mortgage payments.

What is the purpose of freddie mac short sale?

The purpose of Freddie Mac short sale is to help distressed homeowners avoid foreclosure by selling their home for less than the mortgage balance and satisfying the debt.

What information must be reported on freddie mac short sale?

Information required on a Freddie Mac short sale includes financial statements, hardship letter, proof of income, tax returns, and a purchase contract.