Tuesday, May 29, 2012
The N.Y. Times summarizes:
With rules that take effect next month, federal regulators have hopes of greatly streamlining the short-sale process.
Starting 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 mortgage). Fannie and Freddie must also respond to initial requests for a short sale within 30 days of receiving the buyer’s submission.