Everyone is looking for new ways to make Short Sales less frustrating. As a result, there has been a lot of interest in Fannie & Freddie’s new timelines effective June 15th for HAFA or other GSE programs and their impact on short sale timelines.
– Fannie Mae and Freddie Mac will require servicers to make a decision within 30 days of receiving either an offer on a property or a completed Borrower Response Package (BRP) requesting short sale consideration.
– If more than 30 days are needed, servicers must provide the borrower with weekly status updates and come to a decision no later than 60 days.
– With a counteroffer, the borrower is expected to respond within 5 business days. The servicer must then respond within 10 business days.
In our experience though, this should not change the timelines we have seen for most of these files. It is good to have in writing, but in many respects this just puts in to writing what is already being done. A full overview at the link.
My Agent Greg 