fhfa new rules to speed up short sale process marshall carrasco reno, nv short sale expert
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Marshall Carrasco Reno's #1 Short Sell Expert www.renohelp.org. The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to develop strategies to speed up the short sales process in order to help more homeowners avoid foreclosure.TRANSCRIPT
FHFA New Rules To Speed Up Short Sale Process
www.renohelp.orgCall : 775-525-1205
The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to develop strategies to speed up the short sales process in order to help more homeowners avoid foreclosure.
www.renohelp.orgCall : 775-525-1205
I believe the new regulations, timelines and processes will significantly improve and speed up the short sale process and will help property owners facing foreclosure.
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“FHFA and the Enterprises are committed to enhancing the short sales and deeds-in-lieu process as additional tools to prevent foreclosure, keep homes occupied and help maintain stable communities,” said FHFA Acting Director Edward J. DeMarco. “These timeline and borrower communication announcements set minimum standards and provide clear expectations regarding these important foreclosure alternatives.”
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Starting June, mortgage servicers must review and respond to requests for short sales within 30 days.
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According to the FHFA new release dated 17th April 2012 - servicers will be required to do the following:
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.
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A short sale may be a good option for property owners facing foreclosure.
• Less damage to your credit than a foreclosure.• A short sale is not reported on your credit history. • A foreclosure is reported and stays on your credit for up to 10 years.• A homeowner who successfully negotiates a short sale may be considered for a Fannie Mae backed mortgage after only 2 years.• A foreclosure makes the homeowner ineligible for a minimum of 5 years.• Lenders may consider the sale price as “paid in full” forgiving the deficiency.
The benefits of a short sale often include:-
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