Bank America has approved this Fort Walton Beach Florida home for a Ginnie Mae USDA short sale. It was a lengthy process. Bank of America only recently added Ginnie Mae short sales to its Equator processing platform. This file was handled through emails and phone calls directly with a Bank of America Ginnie Mae specialist.
What is Ginnie Mae? Ginnie Mae is a governmenty entity that guarantees VA, HUD and USDA Rural Housing Services mortgages. This makes these loans more valuable as investments when sold to the secondary market, thus more attractive to mortgage servicers, such as Bank of America.
What about the deficiency on a USDA short sale? The deficiency is the amount of the note not covered by net proceeds of the sale. According to USDA pre foreclosure sale guidelines:
A borrower who successfully sells the property securing the loan using the PFS option is relieved of the mortgage obligation. The borrower shall not be pursued for deficiency judgments by either the Servicer or the Agency
One caveat about Ginnie Mae USDA short sales - you will not be approved unless you miss at least one payment. This is not true with many other short sales programs.
If you are considering short sale to avoid foreclosure of your Fort Walton Beach home, contact Wendy Rulnick, Broker. You may qualify for USDA, Ginnie Mae, VA, FHA, HAFA or another short sale program.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
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Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Poor sellers, they need to have an SB 458 to protect them from deficiency. Not sure that the anti-deficiency regs are all good, but it seems unfair that some states have 'em and others do not.
Melissa - The deficiency is always a hurdle with Florida short sales, unfortunately.
Wendy, you are a real Fort Walton Beach pro!