So starting June 15t h there is a requirement that on Fannie Mae and Freddie Mac short sales there will be a response within 30 days and a final decision within 60 days. I am skeptical…These two entities have been notoriously pig headed and overly regulated so that short selling their mortgages has been really frustrating Friday I got a call from a Bank to tell me that “the” foreclosure has been postponed the problem is there is no record of a foreclosure and the original borrower no longer owns the property. You get the idea.
Starting June 15, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, will require both agencies to give short-sale buyers a final decision within 60 days. (In a short sale, a lender agrees to accept less than the balance on amortgage.)
Fannie and Freddie must also respond to initial requests for a short sale within 30 days of receiving the buyer’s submission.
From the New York Times more details on this new requirement, A Short Sale Response in 30 Days.