Speeding up short sales was written by NY Times on 05-27-2012 and offers details on Short sales approval in 60 days or less!!! (per Federal Housing Finance Agency). This is great news for buyers or sellers interested in short sales. As of June 15th lenders are required to approve or reject a short sale with in 60 days.
Excerpt of “Speeding Up Short Sales”
With rules that take effect next month, federal regulators have hopes of greatly streamlining the short-sale process.Relatedp/pStarting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days. (In a short sale, a lender agrees to accept less than the balance on a mortgage.)
Click here to read the full article.
For guidance with the real estate process, contact Scott Strang, Realtor / Principal Broker at Scott Gregory Group at 781-646-7600 or email@example.com.