At the Law Office of Jeanne Reardon, the health and safety of our staff and clients is our top priority. Since you
rely on us for your legal needs, we remain
ready to help you in this difficult time as we face many health and financial challenges. Accordingly, we are taking a number of steps to minimize health risks during this health crises while serving our current clients as well as new clients coming on board.
law firm will be adhering to the guidelines presented by the Centers
for Disease Control and our local health officials, and we continue to
monitor them for updates as they are released. We have implemented a plan to protect the safety of our work
environment while allowing us to continue to service all of our clients.
We are taking precautions with respect to
non-essential meetings and face-to-face interactions. That includes
telephone consultations and conference calls whenever possible. With respect to our real estate practice,
we will endeavor to utilize Powers of Attorney, pre-signed deeds, and Escrow Closings, where available,
in order to close title when the transaction permits us to do so.
Do not hesitate to contact us if you have any questions or
concerns regarding your current real estate transaction or if you are just getting started and are looking to hire a real estate attorney for an upcoming sale or purchase of a home. As always, we are committed to
handling our clients' matters with the utmost care and respect, and are available to assist both current and new clients.
We hope that you and your family remain safe and healthy!
Jeanne Reardon, Esq.
On January 18, 2013, Fannie Mae and Freddie Mac announced changes to their servicing
requirements for short sales. Please see below for some key changes that
all parties involved in a short sale should be aware of. These changes
to all Fannie Mae and Freddie Mac short sales; with an offer and
without an offer.
Title Transfer requirement change:
- The buyer is prohibited from selling the property for any sales price for a period of 30 days from the date of the
- After a 30 day period, and until 90 days from the date of the deed
the buyer is further prohibited from selling the property for a sales
price greater than 120% of the short sale price.
Note: The above restrictions will run with the land, which means that the restriction is not personal to the seller
and will pass to the subsequent buyer upon transfer of title.
Below is an example on how to calculate the 120%
Purchase Price is $100,000.00
120% of the purchase price would be $100,000.00 X 1.2 = $120,000.00
The borrower may be entitled to an incentive payment of
$3,000 from Fannie Mae/Freddie Mac to assist with relocation expenses
following successful completion of a short sale unless:
1. The borrower is required to contribute funds or execute a promissory note.
2. The borrower has Permanent Change of Station (PCS) orders and
receives a Dislocation Allowance (DLA) or other
3. The servicer has knowledge that the borrower is receiving
relocation assistance from another source other than the
Note: If the borrower receives relocation assistance
from a source other than Fannie Mae / Freddie Mac or the
difference in the relocation assistance amount up to the $3,000
incentive maximum may be provided.
If the borrower will receive
relocation assistance from a source other than Fannie Mae / Freddie Mac
or the Servicer
and the amount is equal to or greater than $3,000, no
relocation incentive will be provided.
It is vital to have an attorney negotiate and close your short sale transaction. Call THE LAW OFFICES OF JEANNE M. REARDON to assist you with your short sale. Free initial consultation. Call us at (516) 314-8433.