Starting June 15, 2012 as per the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, both agencies must give short-sale buyers a final decision within 60 days. (In a short sale, a lender agrees to accept less than the balance on a mortgage.)
The new guidelines also will require the mortgage giants to respond to initial short-sale requests within 30 days of receiving an offer from a potential buyer. (more…)
