Perhaps you have already heard about the new U.S. Treasury guidelines governing short sales that took effect April 5. Among other things, the new rules release sellers from future liability of debt and give lenders 10 days to respond to offers from buyers.
But until now, these guidelines did not include loans backed by Fannie Mae and Freddie Mac, which own more than half of the nation’s residential mortgages.
The short sale program is expected to get a lot more attention now that the two government-run mortgage companies are participating.
The companies issued their own sets of guidelines, which go into effect no later than Aug. 1 and generally are similar to the Treasury's. For Fannie's guidelines, click here. For Freddie's, click here.
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