Short Sale Guidelines Revised
The Federal Housing Finance Agency recently announced new measures to make "short sales" of underwater homes easier for homeowners, including extending help to people who have financial difficulties but haven't missed mortgage payments. The revised guidelines, partially the result of urging from and meetings with the National Association of
Realtors, will go into effect on November 1, 2012, and promise more efficiency in short sales of Huntsville homes by streamlining qualifications and processing for loans owned or guaranteed by Fannie Mae or Freddie Mac.
Those two agencies are issuing new, clear guidelines to their mortgage servicers that will align and consolidate existing short sales programs into one standard program. The streamlined program rules will enable lenders and servicers to quickly and easily qualify eligible borrowers for a short sale and will permit Huntsville homeowners with a Fannie Mae or Freddie Mac mortgage to sell their home in a short sale (even if they are current on their mortgage) if they have an eligible hardship. Servicers will be able to expedite processing a short sale for borrowers with hardships, such as death of a borrower or co-borrower, divorce, disability, or relocation for a job, without any additional approval from Fannie Mae or Freddie Mac.
Prior to announcing these new measures, FHFA announced in June guidelines that establish strict timelines for servicers considering short sales. Servicers are required to review and respond to short sales within 30 days of receipt of a short sale offer; they must provide weekly status updates to the borrower if the offer is still under review after 30 days, and they must make and communicate final decisions to the borrower within 60 days of receipt of the offer and complete borrower response package.
Both Fannie Mae and Freddy Mac have released guideline bulletins which explain in entirety their provisions, requirements, and policies regarding short sales of Huntsville homes. Click here for the complete FHFA document.
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