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.
Treasury also set up a program. s emergency short-selling rules taking effect. Freddie Mac completes its second successful debt sale of the week, and confidence rises about the fate of the rescue.
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Fannie and Freddie Set Timeline Requirements for Short Sales.. 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.
The new short-sale timelines, announced this week by Fannie and Freddie’s regulator, the Federal Housing Finance Agency, take effect in June as the first step in a broader effort to "develop.
"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.
Yesterday, in a five-page bulletin, the GSEs issued new guidelines for Fannie Mae- and freddie mac-backed loans. As of June 15, 2012, agents working with distressed homeowners should expect to receive a decision on the short sale offer within 30-60 days. Service providers must comply with the new time frames as described in the bulletin.
· On August 21st a news release was issued by the Federal Housing Finance Agency (FHFA) providing new standard guidelines for Fannie Mae (FNMA) and Freddie Mac (FHLMC) short sales. Download The fhfa news release on Short sales 82112 Starting on November 1, 2012, Fannie Mae and Freddie Mac will ease the rules to speed up the short sale process on the loans.
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Fannie Mae and Freddie Mac will require mortgage servicers to make decisions on short sales under new timelines beginning. Director Edward DeMarco. "These timeline and borrower communication.
· New rules go into effect November 1 for underwater mortgage loans guaranteed by Fannie Mae or Freddie Mac (about 60 percent of U.S. mortgages). The HAFA rules are speed up the short sale process and encourage buyers to look at short sale properties.