Freddie Mac’s new short sale timelines require servicers to make a decision within 30 days of receiving either 1) an offer on a property under Freddie Mac’s traditional short sale program or 2) a completed Borrower Response Package (BRP) requesting consideration for a short sale under HAFA or Freddie Mac’s traditional short sale program.
Originally Published: 5/26/2012 Please note that we have been advised that starting June 15, the Federal Housing Finance Agency has indicated that it will require Fannie Mae and Freddie Mac to give a final short sale decision within 60 days. fannie and Freddie must also respond to initial requests for a short sale within 30.
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"The new Freddie Timeline will help open up the doors for many buyers who would have been interested in taking advantage of the wonderful short sale prices but just did not have the time to wait.
Addressing real estate practitioners’ No. 1 complaint about short sales, FHFA directed Fannie Mae and Freddie Mac to establish a new uniform set of minimum response times that servicers must follow in order to facilitate more efficient short sale transactions. The GSEs’ new short sale timelines require servicers to make a decision within 30.
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A preforeclosure sale or short sale is the sale of a property in lieu of a foreclosure resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer. These are typically identified on the credit report through Remarks Codes such as "Settled for less than full balance."
The new guidelines are issued to provide quicker and more efficient short sale timelines. If you are a real estate professional involved in short sales, this should come as good news! While many real estate agents avoid short sales because of lengthy and grueling timelines, the new guidelines may encourage more agents to get involved.
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"Short sales are more complex than routine home sales since they may involve multiple parties and long-distance negotiating. freddie mac’s new timelines are intended to help make the decision process more transparent and timely for short-sales under the Obama Administration’s HAFA program or Freddie Mac’s traditional short-sale option.
Fannie Mae Sets New Short Sale Timelines New Guidelines Will Expedite Process, Improve Foreclosure Prevention Options Andrew Wilson 202-752-5168. WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it is directing servicers to expedite short sale transactions and improve transparency on short sale reviews.