More good news for distressed homeowners who may need to do a short sale can be found at this link.
Timelines for those with mortgages held by Fannie and Freddie will get faster answers with a requirement of 30 to 60 days turnaround. If a short sale is countered by the GSE, then the broker will have 5 days to reply with an answer from their client and then another 10 days for the GSE to respond.
For those agents, like me, who’ve worked on several short sales with these folks as the back end investor, this is really great news. I had a deal a couple of years ago that we spent 18 months working on and we lost out on 6+ contracts till Fannie Mae eventually foreclosed after forcing the couple into default. I, for one, am THRILLED that they’re finally bettering their standards and processes.
