Summer is right around the corner, and so is a big change in the short sale process. Beginning June 15, homeowners whose loans are backed by Freddie Mac or Fannie May should receive a decision on short sale offers in 30-60 days!
If more than 30 days are needed, servicers must provide the borrower with a weekly status update and make a decision within 60 days since the offer was received. If a counteroffer is made, the borrower is expected to respond within 5 days, and the servicer must respond within 10 days of receiving the borrower's response. A much speedier process!
This is great news for homeowners in this situation. Not only does it provide more transparency in the once cloudy, short sale process, but it also keeps homes occupied and helps maintain stable communities.
Anthony Lamacchia, a broker who specializes in short sales, commented, "I applaud Fannie and Freddie for finally coming out with real guidance with real world timelines for their servicers. There is no question that this will help short sales and the market as a whole." Great news!
Call us with all of your Real Estate Needs! 616.366.5240 Have a Wonderful Day! The Northouse Team ~ Five Star Real Estate Jeff Northouse ~ Christine Lassa GR Homelink Website Email Jeff Email Christine
If more than 30 days are needed, servicers must provide the borrower with a weekly status update and make a decision within 60 days since the offer was received. If a counteroffer is made, the borrower is expected to respond within 5 days, and the servicer must respond within 10 days of receiving the borrower's response. A much speedier process!
This is great news for homeowners in this situation. Not only does it provide more transparency in the once cloudy, short sale process, but it also keeps homes occupied and helps maintain stable communities.
Anthony Lamacchia, a broker who specializes in short sales, commented, "I applaud Fannie and Freddie for finally coming out with real guidance with real world timelines for their servicers. There is no question that this will help short sales and the market as a whole." Great news!
Call us with all of your Real Estate Needs! 616.366.5240 Have a Wonderful Day! The Northouse Team ~ Five Star Real Estate Jeff Northouse ~ Christine Lassa GR Homelink Website Email Jeff Email Christine
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