Foreclosure & Short Sale Resource | Sacramento Short Sale Realtor

December 8th will be here before you know it, and if you live in one of the many Sacramento County zip codes that are having changes made to the flood zone maps which affect insurance rates, you’ll want to call your insurance agent to secure grandfathered flood insurance rates that will save you a lot of money.

I posted detailed information about this last month; you can refer to that or call my office at 916.863.0444 and we’ll be glad to send over a copy of the information, and if you need a referral to a good insurance agent who is on top of this we can give you that too.

Best wishes to you and yours at Thanksgiving and throughout the holiday season!

Does it make a difference for their future home ownership possibilities whether homeowners choose to do a short sale as opposed to a foreclosure or a deed in lieu of foreclosure?  YES!

Fannie Mae recently released updated underwriting guidelines for new mortgage loans that directly address individuals with various types of foreclosure history.

Potential borrowers with a foreclosure on their credit record must wait 5 years to be considered for new funding, and are subject to additional credit and down payment requirements for 5 to 7 years.

Deed-in-lieu-of-foreclosures warrant a 4 year wait with additional requirements for 4 to 7 years. 

Short Sales require only a two year wait with no additional requirements.

These new guidelines make short sales a more attractive option for homeowners AND a much faster route to future home ownership.

FLOOD INSURANCE SAVINGS OF $1,871 the first year, and $969 per year afterwards!

PLEASE TELL YOUR NATOMAS &  SACRAMENTO AREA FAMILY, FRIENDS AND NEIGHBORS ABOUT THIS!

I wanted to pass on valuable information from Jon Merker of TWFG Insurance Services for you to share with those you know in the Sacramento, Natomas and North Sacramento neighborhoods of the 95833, 95834, 95835, 95836, 95837, 95838, and 95815 zip codes.

FEMA will be requiring any property with a federally-insured mortgage (almost all of them, with the exception of those purchased with cash, private financing, or state-chartered credit union loans) in those zip codes to have flood insurance beginning on 12-8-08.

And here’s the savings:

If you buy a flood insurance policy before 12-8-08, you’ll pay “The Preferred Rate for X Zone,” $348 for the policy for the first year. The renewal rate after the first year will be “grandfathered in” at a “Standard Zone rate” of $1,250. If you wait until after 12-8-08, you’ll pay the “AE Zone Rate” of $2,219!

That’s a savings for buying the policy prior to 12-8-08 of $1,871 for the first year, and $969 for every year thereafter!

PLEASE TELL YOUR NATOMAS & NORTH SACRAMENTO FAMILY, FRIENDS AND NEIGHBORS ABOUT THIS!

Jon can send you an e-mail with further details; contact Jon at: jmerker@twfg.net ;  Jon’s cell number is 916-601-3846.

Feel free to call me at 916.863.0444 or visit my web site www.PeterParkerSellsHomes.com