The larger banks have finally streamlined the short sale
process and as of June Freddie Mac and Fannie Mae have begun expediting their
short sale transactions. Time will tell
if the steps they are taking will achieve results.
Federal policies now require Fannie and Freddie servicers to
review and respond to short sale requests within 30 calendar days of receiving
an offer and complete borrower package.
After that they must provide weekly updates and a final decision within
60 calendar days.
It remains to be seen whether the servicers will actually
make these deadlines. There are no
penalties for missing the deadlines so it’s not clear what their incentive will
be. But it is a step in the right
direction.
For more information, please visit San Diego Short Sales
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