I wanted to just give you a few updates that could help you or a friend that is facing a financial hardship. Freddie Mac and Fannie Mae backed loans have imposed new guidelines on Bank of America, Wells Fargo, Chase and other major loan providers to get there act together! The new most important rules are as follows:
- Short sale request most be responded to within 30 days of an offer
- Short Sale Approval must be within 60 days of an offer
- Homeowners receive relocation incentives at closing of $500-$20,000
These rules where made effective as of June 15th, this is a big but expected step forward to in the right direction. As the banks get more employees trained on the short sale process they have the ability to streamline the transaction and make it a swifter timeline. By the end of the year there will also be some further “enhancements”, once they are released I will give you a quick update.
If you are in the military there have been some new guideline changes, the most important one:
- You can short sale your home while being totally current on your payments