fannie mae short salesJust a few weeks ago, the FHFA announced some changes that will (allegedly) align guidelines for the processing of Fannie Mae and Freddie Mac short sales. The goal of these changes is to allow both lenders and servicers to more quickly and efficiently qualify borrowers for a short sale.

Here is an outline (courtesy of  C.A.R. Newsline) of some of the specific changes that will take effect on November 1, 2012 (right before election day):

  • Eliminates current Fannie Mae and Freddie Mac short sale programs and creates a single standard short sale process for both entities (Fannie and Freddie HAFA programs will expire at the end of the year).
  • Enables servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales without waiting for an approval from Fannie Mae or Freddie Mac
  • Offers special treatment for military personnel with Permanent Change of Station (PCS) orders.
  • Standardizes and clarifies foreclosure suspensions on a property with an approved short sale.
  • May pay borrowers up to $3,000 in relocation assistance.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to subordinate lien holders to expedite a short sale.

Additionally, FHFA clarified that a borrower experiencing a hardship must wait at least two years before becoming eligible for a Fannie Mae or Freddie Mac loan.

You may recall that earlier this year, the FHFA announced changes made to the program in June whereby stricter timelines were established for servicers. The above changes are in addition to those changes made in June.

If you would like to learn more about Fannie Mae and Freddie Mac’s new short sale guidelines, please do not hesitate to join us for a free webinar on Thursday October 11. In this webinar, we will discuss this specific program in more detail and we will also review all of the things currently going on in the wacky world of short sales.

 

 

Melissa Zavala 
BROKER/REALTOR® ● CA DRE #01324959

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6 Comments on New Fannie Mae and Freddie Mac Short Sale Guidelines

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Melissa

You always keep us abreast of the important news regarding short sales. Now the big question - will this actually be adhered to and will it make a difference?

Jeff
10:24pm • #1
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796,355 Points 80 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Melissa, right now I hope this actually makes a difference to sellers struggling...my woodchuck is outside my window not struggling eating all the acorns he can before the squirrels get them...see any correlation?!
4:46am • #2
987,989 Points 49 Featured Posts Outside Blog Called Shot Master

Melissa - As Jeff mentioned above I'm curious if this will actully be adhered to and make a difference.
6:35am • #3
878,837 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Unfortunately the words quickly and efficiently will never be connected to the word short sale. As an agent who does this all the time it is getting old hearing how short sales are going to be expedited quicker.
9:07am • #4
940,594 Points 94 Featured Posts Outside Blog Attended Rain Camp

Bill: I agree with you. Everyting always sounds so great in theory, but practice is a different story.
6:35pm • #5
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257,705 Points 16 Featured Posts Outside Blog Called Shot Master

San Diego home buyers and sellers are so lucky to have you as you are always on top of the latest news, especially in the short sale area.
5:22am • #6

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