New Short Sale Program

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New Fannie and Freddie Short Sale Program Nov 1:  On Tuesday, Aug 21, the Federal Housing Finance Agency (FHFA) announced new guidelines that should make it easier for lenders to approve short sales. The changes also could end the practice of a lender simultaneously processing a short sale and a foreclosure on the same home.

 

According to C.A.R. the following changes and more will go into effect Nov. 1, 2012:

– The current Fannie Mae and Freddie Mac short sale programs will be eliminated and replaced with a new standard short sale process.

– Services will be able to approve short sales for some borrowers without waiting for an approval from Fannie Mae or Freddie Mac.

– Military personnel with Permanent Change of Station (PCS) orders will receive special treatment.

– Standardizes and clarifies foreclosure suspensions on homes, which have an approved short sale.

– Borrowers may be eligible for up to $3,000 in relocation assistance.

– Fannie Mae and Freddie Mac may offer up to $6,000 to subordinate lien holders to expedite a short sale.

Category : Blog

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