Fannie Mae and Freddie Mac Streamline Short Sale Program
Short sales usually involve plenty of paperwork. Lenders require full financial disclosure in order to deem whether you qualify for a short sale or not. They will usually require bank statements, tax returns, paystubs, proof of assets, etc.
Fannie Mae and Freddie backed loans require that your servicer collect and reviews these to determine whether you are able to continue to make payments, or whether you have anything to be able to contribute financially into the short sale. However, there is an alternative to a quicker and easier short sale, with no financial documentation.
Requirements to qualify for a streamline short sale if the home is your primary residence:
90+ day delinquency &
Credit score below 620
or
Failed a trial payment plan
or
Fell 60+ days behind during a loan modification
or
Completed 3 or more modifications
Requirements to qualify for a streamline short sale if the home was purchased as an investment property:
18+ months delinquency
These guidelines are helpful for those who are headed into short sales, specifically if they have other assets. Also, lots of time is saved by avoiding full financial disclosure as lenders tend to nitpick and lose documents during the document collection phase of short sales.
Do you need help planning for your short sale?
We offer free consultations for all situations!
Absolutely seamless process from start to finish! Do NOT hesitate... simply call Minna! Our decision to short sell was heart-wrenching and daunting to consider. However, after initial contact with Minna, we felt reassured and confident that our judgment was sound. Both Minna's and her team's knowledge and experience in this area is clear: they are thorough experts. We can't imagine having a better experience. Thank you Minna Reid!"
~D.M.
Last Updated on March 10, 2025 by Minna Reid