Fannie, Freddie set new short sale timelines

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New Fannie and Freddie Shorter Short Sale Timelines.. to establish a similar set of response times for the servicer’s Fannie Mae and Freddie Mac loans. The new guidelines are issued to provide quicker and more efficient short sale timelines.. it became vital to establish a uniform set of.

A preforeclosure sale or short sale is the sale of a property in lieu of a foreclosure resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer. These are typically identified on the credit report through Remarks Codes such as "Settled for less than full balance."

I have experience working on Fannie Mae short sales in Sacramento. Here is a sample transaction. Bank of America approved a short sale in early 2012 and sent the package to Fannie Mae for review. Fannie Mae then rejected the short sale because the seller was still making the mortgage payment. So, the following month, the seller decided to not.

Freddie Mac Sets New Timelines for Short Sales, Expedite Decisions. Freddie Mac and Fannie Mae launched in 2011 at the direction of their regulator, the federal housing finance Agency, to set.

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Short Sale. A Short Sale is an option of a homeowner selling a home for less than the balance on their current mortgages and the mortgagee agrees to a reduced payoff. The bank’s decision to allow a Short Sale is typically in lieu of the foreclosure process which can result in heft fees for the bank.

 · On July 29th, 2014 Fannie Mae made an unprecedented move to loosen up waiting period for borrowers that included mortgage debt in a bankruptcy.. This update, effective immediately affects the waiting period for any foreclosure, short sale or deed in lieu of foreclosure that occurred after the mortgage debt was discharged through a bankruptcy.. In a lending environment where it seems banks.

part of the new high LTV refinance option which the Federal Housing Finance Agency (FHFA) and Fannie Mae first. off, repurchased, short sale, etc.), or in the event of a real estate owned (REO) property, until expenses and proceeds. Fannie Mae Loan Performance Data Release Timeline During quarterly updates, Fannie Mae will refresh the.

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