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Fannie and Freddie Set to Streamline Short Sales

GREAT NEWS for homeowners looking to short sale and Agents working short sales! Fannie Mae and Freddie Mac are finally doing everything they can to assist you.

These two lending behemoths have been directed by Federal Housing Finance Agency (FHFA) to develop enhanced and aligned strategies for facilitating short sales in order to help more homeowners avoid foreclosure. These changes for short sales will take effect in June 2012. Beginning in June, mortgage servicers will now be required to review and respond to short sale requests within 30 days of receiving them. There are a few other timeline requirements that must be met and by the mortgage servicers and they are as follows:

  • Provide weekly updates to borrowers if the short sale offer is over 30 days old.
  • Communicate a decision to the borrower within 60 days of the initial request for a short sale.

Did I just stop your heart? I hope not, but now you can take a sigh of relief with the knowledge that you won’t have to wait months on end for a decision.

This is just the first phase in the effort to streamline the short sale process. At the end of the year both Freddie and Fannie will release additional enhancements to this program.

With these amazing new timeline restraints, it is important to submit a full short sale package the first time around. We here at Short Sale Experts INC, can help you do just that. We are San Diego’s short sale negotiating experts and we know exactly what the bank wants. Our professionals will pre-qualify your short sale transaction and even let you know what the bank may request ahead of time. We want get your short sale approved in the quickest and most efficient way possible!  Our team is just a phone call away! 888-SHORT-20 – info@shortsaleexpertsinc.com

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San Diego, CA 92101

Phone: 1-888-746-7820
info@ShortSaleExpert.com