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FHFA Speeds Up Short Sale Process




             Ty Leon-Guerrero
                                 www.team1realty.com
             Call : 800-533-7107
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
“   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
“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
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
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
• 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
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
Contact Ty Leon-Guerrero


                                   Twitter


                                  Facebook


                                  LinkedIn




  Alameda, Contra Costa, Sonoma, Solano, Napa Counties
                   Fairfield, CA 94533

                    Call Us : 800-533-7107


                    www.team1realty.com

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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 Twitter Facebook LinkedIn Alameda, Contra Costa, Sonoma, Solano, Napa Counties Fairfield, CA 94533 Call Us : 800-533-7107 www.team1realty.com