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Freddie Mac Sets New Timelines for Short Sales, expedite decisions. freddie mac and Fannie Mae launched in 2011 at the direction of their regulator, the Federal Housing Finance Agency, to set.
And if you got out from under an oppressive mortgage through a short sale – when the bank agrees to. That’s because potential purchasers, such as Fannie Mae and Freddie Mac, each have a different.
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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.
Fannie and Freddie set new short sale guidelines. From Freddie. 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.
"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.
Fannie Mae and Freddie Mac to Streamline Short Sales.. The new, aligned timelines include the requirement that mortgage servicers review and respond to requests for short sales within 30 calendar days from receipt of a short sale offer.. Fannie Mae and Freddie Mac will announce additional.
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Fannie Mae and Freddie Mac Set New Short Sale Timelines 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.
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.