Fannie, Freddie align short sale guidelines for 2013." Source C.A.R." Calif Assoc of Realtors.
C.A.R. has long advocated for a streamlined, standardized short sale process, and yesterday changes were announced by the FHFA that will align guidelines for Fannie Mae and Freddie Mac short sales and allow lenders and servicers to quickly and more easily qualify borrowers for a short sale.
Here are some specific changes that are effective Nov. 1, 2012:
Additionally, FHFA clarified that a borrower experiencing a hardship must wait at least two years before becoming eligible for a Fannie Mae or Freddie Mac loan.
These changes follow FHFA’s announcement in June that established strict timelines for servicers to respond to short sales within 30 days of receipt of a short sale offer, provide weekly status updates to the borrower, and communicate a final decision to the borrower within 60 days of receipt of the offer.