|Sent on:||Thursday, January 24, 2013 11:16 AM|
Greetings everyone, yesterday Freddie Mac announced that thanks to its Freddie Mac Standard Short Sale program (launched November 1, 2012), the short sale process “will decrease by approximately 50 percent to 75 percent” according to Tracy Mooney, senior vice president for Freddie Mac. The program made changes to decision timelines, requiring banks to make a decision within 30 days if they are the only lender involved in the decision and within 60 if they have to negotiate with third parties.
Freddie also expanded servicer delegations so that they could approve short sales for “qualifying financial hardships” directly rather than waiting on approval from Freddie Mac. Mooney also described the “increased transparency” that she believes will come by requiring acknowledgement of receipt by servicers once they have received applications and weekly status updates after the first 30 days of the review. Servicers will also be required to establish a clear “escalation process” that includes a dedicated 800 number, and homeowners will be eligible to apply for up to $3,000 in relocation assistance through the program upon successful completion of the short sale.
List of shortsales you may want to consider:
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Geneva Real Estate & Investing