Helping Homeowners Avoid Foreclosure in Roseville and Sacramento

The Lenders Fannie Mae and Freddie Mac have Made the Choice to Shorten their Response Times for your Short Sale!Fannie Mae and Freddie Mac to Shorten Response Times for Short Sales!

Posted on Jun 11, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone, this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. One of the things I want to talk about today is an announcement that came out about Fannie Mae or Freddie Mac owned loans. They have come out and decided to shorten their time frames. So they are going to be holding the servicers accountable who you make your payments to, whether it’s Bank of America, Chase, Wells Fargo or another lender. They are going to start holding them accountable and tightening their timeframes to when they are supposed to respond to you. This all depends on if you have completed a full complete short sale package with an offer.

Right now their goal is to get it down to 30 days, but if there are any value disputes it could take as long as 60 days. This is great news and at the end of the day it’s how it’s executed. That’s what they are telling us. Let’s see if the servicers will actually do what Fannie and Freddie are directing them to do. I expect that probably as a result of this new guideline that’s coming out if the lenders don’t follow these guidelines there may be some fines implemented by Fannie Mae and or Freddie Mac. So this actually could be a benefit in getting short sales approved and closed even faster if they are owned by Fannie or Freddie. So far they have been reasonably good if the servicer is doing their job. That’s the most important thing and then what do you do when the servicer isn’t doing their job?

Again, I’m Mark Peek with Keller Williams Realty, your Roseville and Sacramento short sale specialists and we are here to help. If you want to know more about this, I can tell you what my techniques are for making sure that it happens and making sure your short sale is looked at, reviewed and approved. You can also take advantage of my short or stay calculator to determine when your home might become an asset again and how long it might take before you break even. It’s a good indication of whether or not a short sale is the right decision for you. Please email us or give us a call today. We look forward to talking with you soon.

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