PropertyProf Blog

Editor: Stephen Clowney
Univ. of Arkansas, Fayetteville

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Tuesday, May 29, 2012

Streamlining the Short-Sale Process

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.

Steve Clowney

http://lawprofessors.typepad.com/property/2012/05/streamlining-the-short-sale-process.html

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