Wall Street Journal (04/17/12) Zibel, Alan
New standards from the Federal Housing Finance Agency will require mortgage servicers to review and respond to short sale requests within 30 days of an offer on the property and provide weekly status updates if the offer is still under review after that. Mortgage firms will have to make a final decision within 60 days of receiving an offer on a short sale property. The change seeks to accelerate short sales — the primary alternative to foreclosure — which real estate agents h ave long criticized as a time-consuming and difficult process.
Let’s hope this comes to pass soon. We could use some improvement in that area! Let’s make short sales…SHORT on time!
