Decision on a short sale in 30 days !

Are you a distressed homeowner. Do you live in Hampton roads and don’t know what to do about your home ? Are you upside down in payment and facing foreclosure ? Our Real Estate team can help. If your loan is backed by Fannie Mae or Freddie Mac we have some great process doing shortsales. Below are new standards that will be followed with all new application started in June 15th. I f you are currently thinking about selling your home instead of lowing it to a foreclosure CALL US today ! Don’t wait don’t ruin your credit and don’t let fear hold you back.
Alison Creamer Realtor 757-652-8880
Keller Williams Realty
1709 Laskin Rd Virginia Beach VA
Licensed to sell Real Estate in the Commonwealth of VA

Shortsale

Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae andFreddie Mac should expect to receive a decision on a short sale offer within 30-60 days.

Number 1 complaint DECISIONS TAKE TO LONG !

1. Decision should be given with in 30 days of receiving the offer when applying under traditional short sale program , BRP or HAFA
2. If more then 30 days are needed servicers must provide the borrower with weekly status updates and come to a decision no later than 60 days from the date the BRP or offer was received.
3. If a counter is made by the servicer the borrower is expected to reply with in 5 days, the servicer has 10 days to reply to that.

Last year Freddie Mac completed 45,623 short sales, a 140 percent increase since 2009. Fannie Mae’s short sale completions shot up by 101 percent over the same period, totaling around 79,800 in 2011.

Source http://www.dsnews.com/articles/fannie-and-freddie-set-timeline-requirements-for-short-sales-2012-04-17?utm_source=twitterfeed&utm_medium=twitter

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