I have some great news to share with that will impact the way short sale transactions are managed under the Home Affordable Foreclosure Alternative (HAFA) short sale program.

Beginning June 15, Fannie Mae and Freddie Mac will require mortgage servicers to make decisions on short sales under new guidelines, specifically:

• to acknowledge the documentation was received within three business days;
• to notify the borrower within five days if more paperwork is needed;
• to review and respond to a borrower within 30 days of receiving all documentation for short sale properties (the servicer can take up to 60 days on a decision if negotiations with mortgage insurers or other stakeholders linger); and
• to provide weekly status updates to the borrower if a short sale decision lingers past the 30 days.

The new Federal Housing Finance Agency (FHFA) guidelines are designed to assist the most inventory-constrained markets in the United States with inventory levels by moving properties through the short sale process more quickly and efficiently.

 

If you are a homeowner, and would like to learn more about short selling your home, or if you are someone looking into buying a home listed as a short sale, please call or text me at 253-951-2337 or email me at jmatugas@comcast.net.