Fannie Mae and Freddie Mac will require mortgage servicers to make decisions on short sales under new short sale timelines beginning this June. This is great news for buyers and sellers! Bank of America also announced this week that they will be streamlining their short sale process using the equator system.
According to the Housingwire, servicers must review and respond to a borrower within 30 days of receiving all documentation. According to guidance released Tuesday, the servicer can take up to 60 days on a decision if negotiations with mortgage insurers or other stakeholders linger. (more…)