A new hope for short sales!
A series of new short-sale guidelines that go into effect Nov. 1 are supposed to make the process of short selling easier and speedier.
Fannie Mae and Freddie Mac will allow servicers to streamline the short-sale process for borrowers who are in financial hardship and homeowners who have to sell their homes because of a divorce, disability or job transfer.
The expedited process will open the door to more short sales as an alternative to foreclosures.
Since this crisis began, the short-sale process has been difficult, Consumers have been frustrated by the process. But we are starting to see changes already.
I hope servicers will embrace the rules. On average, it still takes at least six months to sell a house through short sale.
Under Fannie and Freddie’s new guidelines, servicers must respond to a short-sale request within 30 days and give the borrower a final decision within 60 days.
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