FHFA Issues Short Sale Approval Guidance for South Florida Homeowners

by Isaac Benmergui, Esq on May 10, 2012

Miami homeowners with Fannie Mae or Freddie Mac homes have new hope to speed up the approval of their homes’ short sales. Under the new guidelines, Fannie and Freddie must acknowledge receipt of an offer on the home within three days of receipt. Within 30 days (with the possibility of a 30-day extension), the loan servicer must respond to the offer and make its final decision within 60 days of the offer.

The short and defined timeline should reduce the number of foreclosures and canceled short sale contracts and hasten the time for the sellers to get on with the next part of their lives. The quicker timeline will also stabilize neighborhoods faster as homes will not be left vacant and repairs and maintenance on the property will not lag and allows the home to become unsightly and potentially dangerous.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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