There may be some good news on the horizon for those who have short sales with Freddie Mac and Fannie Mae. Both institutions intend to streamline the short sale process to help the borrowers and their communities. The FHFA (Federal Housing Finance Agency) told these mortgage servicers they needed to develop streamlined processes to help more homeowners avoid foreclosure.
Some of the changes:
- Review and respond to short sale requests more quickly (within 30 days)
- If it goes over 30 days, they have to keep the borrower informed weekly.
- A final decision has to be reached and communicated to the borrower within 60 days.
These new time lines are to take affect in June.
For more information read the Press Release from the FHFA about Short sales being streamlined.