New guidelines issued by the FHFA, effective November 1, 2012, allow sellers with a hardship to remain current and still do a Fannie Mae short sale. If you would like to find out if your loan is held by Fannie Mae, go to the Fannie Mae Loan Lookup site.
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Originally Published: 5/26/2012 Please note that we have been advised that starting june 15, the Federal Housing Finance Agency has indicated that it will require Fannie Mae and Freddie Mac to give a final short sale decision within 60 days. Fannie and Freddie must also respond to initial requests for a short sale within 30.
Fannie Mae and Freddie Mac will require mortgage servicers to make decisions on short sales under new timelines beginning this June.. Servicers must review and respond to a borrower within 30 days.
Fannie Mae Announces New Short Sale Guidelines. complete a short sale and set standard payments for subordinate lien holders. In addition, all servicers will have the authority to approve and complete short. Freddie Mac Standard Short Sale Standardizes and expedites the short sale process, offering Servicers a more
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Fannie, Freddie now allow short sales on current loans. set of clear guidelines to evaluate, process and execute short sales, eliminating the. CONDENSED TIMELINE: The new guidelines fold in deadline restrictions that.
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Banks have become much more amenable to short sales. new mortgage,” says mortgage lender George DeMare, managing partner of Midwest Mortgage Capital in west St. Louis County. Fannie Mae and Freddie.
· On August 21st a news release was issued by the Federal Housing Finance Agency (FHFA) providing new standard guidelines for Fannie Mae (FNMA) and Freddie Mac (fhlmc) short sales. download The FHFA NEWS Release on Short sales 82112 Starting on November 1, 2012, Fannie Mae and Freddie Mac will ease the rules to speed up the short sale process on the loans.
The new rules and promises of more "are great if they really happen," said broker Erik Berry of Erik Berry and Associates in Sacramento, Calif. Short sales that his firm handles take an average of.
Freddie Mac Sets New Timelines for Short Sales, Expedite Decisions. Freddie Mac and Fannie Mae launched in 2011 at the direction of their regulator, the Federal Housing Finance Agency, to set.