Reduced shortsale response time for Frannie loans
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How long does the average shortsale take in your experience?
- Up to six months; or (40%, 52 Votes)
- Up to four months; (29%, 37 Votes)
- Seven months to a year. (22%, 29 Votes)
- Regular 45 day escrow; (9%, 11 Votes)
Total Voters: 129
Fannie Mae and Freddie Mac (collectively, Frannie) are introducing new policies to expedite the shortsale approval and closing process. These policies become effective for Frannie loans on all shortsale offers servicers receive after June 24, 2012. Servicers are encouraged to implement them immediately.
Through June 24, Frannie requires servicers to evaluate borrowers requesting a shortsale for the Home Affordable Modification Program (HAMP) first as a step towards avoiding the shortsale. If the borrower qualifies under HAMP but is not successful, servicers must then evaluate the borrower for a Home Affordable Foreclosure Alternatives (HAFA) modification.
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About The Author
Carrie B. Reyes
is lead writer in charge of the Real Estate Practice and Due Diligence and Disclosures books.
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I believe what ever can be done to help someone stay in their home is positive.
The Short Sale system is far from perfect and only sightly imporved since it began.
The banks are still taking to long to respond.
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Low price Short Sales are coming for Investors!!
The Sharks (Cash Investors) are sharpening their teeth!
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