credit report: New Short Sales Rules Effective June 1! But not for All?
- 04/19/12 08:27 AM
The Federal Housing Finance Agency (FHFA) which oversees Fannie Mae and Freddie Mac have designed new rules when it comes to short sales, deeds-in-lieu and deeds-for-lease in order to help consumers avoid foreclosure. There will be various stages to these rules with the first one taking effect June 1. Mortgage Servicers must review and respond to requests for short sales within 30 calendar days from receipt of a short sale offer. Provide weekly status updates to the borrower if the short sale offer is still under review after 30 calendar days Make and communicate final decisions to the borrower within 60 … (2 comments)
The Federal Housing Finance Agency (FHFA) which oversees Fannie Mae and Freddie Mac have designed new rules when it comes to short sales, deeds-in-lieu and deeds-for-lease in order to help consumers avoid foreclosure. There will be various stages to these rules with the first one taking effect June 1.
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