Short Sales Processes Improving – 60 Day Turnarounds?
Fannie Mae & Freddie Mac have been mandated to implement a streamline process to move short sales to a conclusion within a 60 day time period.
Under the Federal Housing Finance Agency (FHFA) directive, the following items will be put in place:
• Review and respond to requests for short sales within 30 calendar days from receipt of a short sale offer and a complete borrower response package
• Provide weekly status updates to the borrower if the short sale offer is still under review after 30 calendar days
• Make and communicate final decisions to the borrower within 60 calendar days of receipt of the offer and complete borrower response package
This is just one more example that lenders are promoting short sales over foreclosures and making this easier for homeowners.
Filed under: Real Estate
Like this post? Subscribe to my RSS feed and get loads more!