Fannie, Freddie set new short sale timelines

Fannie, Freddie set new short sale timelines

This can cut the timeline. FHA, Fannie Mae, Freddie Mac, etc. “The investor may be different from the servicer, and every investor has a different process,” Brittingham notes. “To avoid delays, the.

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Our biggest complaint about short sales is the length of time it can potentially take for a bank to make a decision and respond to an offer. FHGA 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.

News Facts. 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.

New GSE Guidelines for Short Sales Fannie Mae and Freddie Mac The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to develop enhanced and aligned strategies for facilitating short sales for homeowners, deeds-in-lieu and deeds-for-lease in order to help more homeowners avoid foreclosure.

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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.

 · TIMELINE: Government takes over Fannie Mae, Freddie Mac. than the previous week’s sale. The SEC’s short-selling restrictions take effect.. plans to use its new authority to backstop.

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Fannie and Freddie set timeline requirements for Short Sales 04/17/2012BY: carrie bay beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days. The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out.

 · Short sales have a reputation for being, well, kind of a pain in the keister. It’s not uncommon to run across horror stories of the short sale process and timeline stretching out over seven months or more. With that kind of timeline, many buyers shy away from short sales, in.

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