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 MaeA government-sponsored entity operating in the secondary mortgage market. and Freddie Mac (collectively, FrannieA collective term for Fannie Mae and Freddie Mac.) are introducing new policies to expedite the shortsale approval and closing process. These policies become effective for FrannieA collective term for Fannie Mae and Freddie Mac. loans on all shortsale offers servicers receive after June 24, 2012. Servicers are encouraged to implement them immediately.
Through June 24, FrannieA collective term for Fannie Mae and Freddie Mac. 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 (HAFAA government program aimed at assisting homeowners receive a loan modification in lieu of foreclosure.) modification.
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