New Guidelines To Ease Short Sale Headaches
Fannie Mae and Freddie Mac will implement new short sale guidelines effective November 1st in an attempt to make short sales easier for qualified borrowers.
Changes in the new guidelines include standardization of processing and relief for borrowers who experience relocating more than 50 miles for a job, death of a borrower or co-borrower, divorce or legal separation, illness or disability, and other circumstances.
Loan servicers will also have the authority to approve short sales meeting guideline requirements without obtaining prior approval from Fannie or Freddie.
This is a HUGE step in the right direction that should help many borrowers navigate the short sale process!
Source: DSNews.com article
August 22nd, 2012 Posted in Short Sales
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One Response to “New Guidelines To Ease Short Sale Headaches”
By Brandon Jozwiak on Aug 23, 2012
Much needed for short sales – hopefully this is just a start. Great news!