The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to develop strategies to speed up the short sales process in order to help more homeowners avoid foreclosure.
FHFA Speeds Up Short Sale Process Ty Leon Guerrero of Team1Realty Fairfield CA
1. FHFA Speeds Up Short Sale Process
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107
2. The Federal Housing Finance Agency (FHFA) is directing Fannie Mae and
Freddie Mac to streamline their short sale processes and timelines in
order to help more homeowners avoid foreclosure.
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107
3. “ I believe the new rules will significantly improve and
speed up the short sale process.
”
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107
4. “FHFA and the Enterprises are committed to enhancing the short sales
and deeds-in-lieu process as additional tools to prevent foreclosure,
keep homes occupied and help maintain stable communities,” said
FHFA Acting Director Edward J. DeMarco. “These timeline and borrower
communication announcements set minimum standards and provide
clear expectations regarding these important foreclosure alternatives.”
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107
5. The effort will come in stages with the first taking place this June.
Starting June, mortgage servicers must review and respond to requests
for short sales within 30 days.
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107
6. According to the FHFA new release dated 17th April 2012 - servicers will
be required to do the following:
Review and respond to requests for short sales within 30 calendar days
from receipt of a short sale offer and a complete borrower response
package; provide weekly status updates to the borrower if the short sale
offer is still under review after 30 calendar days; make and communicate
final decisions to the borrower within 60 calendar days of receipt of the
offer and complete borrower response package.
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107
7. • A short sale may be a good option for distressed property owners.
• A short sale is the sale of a home in which the amount owed to the
lender(s) is more than the amount that the home can be sold for.
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107
8. Instead of the home owner having to bring in money to complete the
sale, the sale is completed through negotiations with the existing
lender(s) and the lender(s) agree to accept less than the full amount
owed to satisfy the debt and allow it to be paid off “short.”
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107
9. Contact Ty Leon-Guerrero
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Alameda, Contra Costa, Sonoma, Solano, Napa Counties
Fairfield, CA 94533
Call Us : 800-533-7107
www.team1realty.com