Fannie Mae and Freddie Mac have come out with new guidelines regarding short sale time frames to begin on June 15, 2012. . The GSE’s which consider themselves immune to most legislation and state laws are requiring their servicers to make a decision within 30 days of receiving an offer or “Borrower Response Package” (HAFA). This new policy is similar to the AG settlement that will force the big bank servicers to give a response within 30 days. Short Sales May Get Shorter In Reno and Sparks Should they not have a decision within 30 days they are given another 30 days but must have weekly updates during the extension. At no point will the decision be longer than 60 days…. We’ll see.
Now what we need is Fannie Mae to put their deficiency waivers in writing like Freddie Mac has.
To find out if your loan is a Fannie or Freddie visit these sites.
For more information on buying a home or short sales in Reno contact Ricky at (775) 750-1437 or Ricky@Resnv.com