I may be late with the news but in case you haven't heard NEW SHORT SALE TIME LINES FOR FANNIE MAE AND FREDDIE MAC SHOULD SPEED UP THE PROCESS.
Starting June 15, 2012 if a loan is backed by Fannie Mae or Freddie Mac then the Loan Service Provider, the person you often think of as your Lender, must respond to a SHORT SALE offer within 30-60 days. If more than 30 days they must provide a weekly update. During this time they are expected to get their BPO and any approval, for the SHORT SALE, from the Private Mortgage Insurance provider.
If a Servicer makes a counter offer the Borrower must respond in 5 business days, after which the servicer must respond in 10 business days!
Servicers are being encouraged to follow this NEW SHORT SALE TIME LINE as soon as possible but must implement it by June 15, 2012.
Bank of America recently announced that it will be providing a response to a SHORT SALE Offer in 20 days!
For those who are unfamiliar with the SHORT SALE process it has been known to take months before the servicer has responded to an offer.
These changes have been a long time coming but will not effect every SHORT SALE transaction. I hope they will make a difference for both those trying to Sell a home by a SHORT SALE or Buy a house that is in a SHORT SALE.
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I am Margaret C. Taylor St Mary’s County MD REALTOR®. I am certified with the SFR, Short Sale and Foreclosure Resource Certification, from the National Association of Realtors and CDRS, Certified Default Resolution Specialist Certification, from America's Home Rescue. I am qualified to help you buy or sell your home.
CALL or TEXT 301 481 8407 for a FREE Consultation
I am a Century 21 New Millennium Real Estate Agent, St Mary’s, MD
I welcome your REFERRALS. Ask for MARGARET C.
This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.
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