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-Monir Della…, Real Estate Pro in Fairfax, VA

What are the latest short sale regs?

Asked by -Monir Dellawar, Fairfax, VA Wed May 16, 2012

new short-sale timeline process has changed effective June 25, 2012

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I consider myself an optimist and still I hold out hope that short sale timeframes will improve with the latest announcements by Freddie and Fannie. However; my experience tells me that neither the process nor the time frames will improve. This is just the latest round of grandstanding by politicians to “negotiate with lenders” to install recommendations for banks to follow in hopes to improve the lexicon of short sales.
The overlying concepts that everyone needs to keep in mind is two fold, Lenders do not want to make the short sale process easy and lenders do not want to employee more people so they can loose more money approving short sales.
Here is my short sale page on my web site with detailed articles on the short sale process.

http://www.calljoey.com/reosshort-sales.asp
0 votes Thank Flag Link Wed May 16, 2012
We attended a conference related to how banks are required to handle processing short sales under agreement with the Attorney General's Office. The link below contains an outline of those changes.

Dwayne & Maryanne Moyers
Top 2% of Realtors Nationwide
http://www.MaryanneMoyers.com
http://www.MoyersTeamBlog.com
0 votes Thank Flag Link Wed May 16, 2012
Fannie Mae and Freddie Mac have introduced policies to expedite the pre-foreclosure sale process.

Now, mortgage servicers must follow the policies outlined for all conventional mortgage loans held in either agency’s portfolio. Servicers are “encouraged” to follow these requirements with respect to mortgage loans sold to either Fannie or Freddie, including FHA, VA and USDA loans they may have purchased.
0 votes Thank Flag Link Wed May 16, 2012
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