Jun 132012

NICIA Members,
This article was just passed to me by Alicia Ortiz. It is a very important develpoment. And as Alicia stated, “I hope the banks will follow the new rules.”

Short-sale timelines: New Rules for Faster “Short-Sale” Turnaround Times

(TheNicheReport) — The horror stories are everywhere. Short-sale approvals have dragged on and on. Borrowers and real estate agents don’t hear a peep from anyone. Clients give up and let the home go into foreclosure.
That’s all in the past (we hope). The new short-sale timeline process has changed effective June 25, 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.
Knowledge is power, and by knowing the required timelines to process a short-sale approval, you’ll be able to challenge those lenders who are dragging their feet and not getting the job done.

Read the rest at: The Niche Report