Rumor has it that beginning June 15 all real estate agents working with distressed homeowners whose loans are back by Fannie Mae and Freddie Mac should expect to receive decisions regarding short sale offers within 30 to 60 days!
I recently read “Fannie and Freddie Set Timeline Requirements for Short Sales” and article given to me from a lender at CFC Mortgage Bankers.
It stated, “the GSE’s new short sale timelines require servicers to make a decision within 30 days of receiving either an offer on a property under the companies’ traditional short sale programs or a completed Borrower Response Package (BRP) requesting short sale consideration, whether it’s through the federal government’s Home Affordable Foreclosure Alternative (HAFA) program or a GSE program.”
This is great news for anyone who is looking to start a short sale on their home!
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