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.”