FHFA Speeds Up Short Sale Process Ty Leon Guerrero of Team1Realty Fairfield CA

FHFA Speeds Up Short Sale Process Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107

The Federal Housing Finance Agency (FHFA) is directing Fannie Mae andFreddie Mac to streamline their short sale processes and timelines inorder to help more homeowners avoid foreclosure. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107

“ I believe the new rules will significantly improve and speed up the short sale process. ” Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107

“FHFA and the Enterprises are committed to enhancing the short salesand deeds-in-lieu process as additional tools to prevent foreclosure,keep homes occupied and help maintain stable communities,” saidFHFA Acting Director Edward J. DeMarco. “These timeline and borrowercommunication announcements set minimum standards and provideclear expectations regarding these important foreclosure alternatives.” Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107

The effort will come in stages with the first taking place this June.Starting June, mortgage servicers must review and respond to requestsfor short sales within 30 days. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107

According to the FHFA new release dated 17th April 2012 - servicers willbe required to do the following:Review and respond to requests for short sales within 30 calendar daysfrom receipt of a short sale offer and a complete borrower responsepackage; provide weekly status updates to the borrower if the short saleoffer is still under review after 30 calendar days; make and communicatefinal decisions to the borrower within 60 calendar days of receipt of theoffer and complete borrower response package. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107

• A short sale may be a good option for distressed property owners.• A short sale is the sale of a home in which the amount owed to the lender(s) is more than the amount that the home can be sold for. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107

Instead of the home owner having to bring in money to complete thesale, the sale is completed through negotiations with the existinglender(s) and the lender(s) agree to accept less than the full amountowed to satisfy the debt and allow it to be paid off “short.” Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107

Contact Ty Leon-Guerrero Twitter Facebook LinkedIn Alameda, Contra Costa, Sonoma, Solano, Napa Counties Fairfield, CA 94533 Call Us : 800-533-7107 www.team1realty.com

FHFA Speeds Up Short Sale Process Ty Leon Guerrero of Team1Realty Fairfield CA

by Team1 Realty on Apr 30, 2012

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FHFA Speeds Up Short Sale Process Ty Leon Guerrero of Team1Realty Fairfield CA Presentation Transcript