Starting June 15, Fannie Mae and Freddie Mac will be required to respond to short-sale offers within 60 days.
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 a mortgage.)
Fannie and Freddie must also respond to initial requests for a short sale within 30 days of receiving the buyer’s submission.
Read more and let’s hope this infact DOES speed up the short sale process…
See on www.nytimes.com