Federal Housing Finance Agency Instructs Freddie and Fannie to Streamline Short Sales

The Federal Housing Finance Agency (“FHFA”) has instructed Fannie Mae and Freddie Mac to streamline shorts sales and deeds-in-lieu in order to help borrowers.

“With the alignment, servicers will be required to do the following:

– review and respond to requests for short sales within 30 calendar days from receipt of a
short sale offer and a complete borrower response package;

– provide weekly status updates to the borrower if the short sale offer is still under review
after 30 calendar days;

– make and communicate final decisions to the borrower within 60 calendar days of
receipt of the offer and complete borrower response package.”

 

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Rachel works on policy and advocacy at RHLS. Her current work includes the intersection of housing and health, energy efficiency, and equal access to housing-related rights.