Federal help for distressed homeowners to avoid foreclosure

CAR.org – LOS ANGELES (April 18) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) applauds yesterday’s announcement by the Federal Housing Finance Agency (FHFA) to streamline the short sale process to help more homeowners avoid foreclosure.  The move calls for Fannie Mae and Freddie Mac to develop enhanced and aligned strategies for facilitating short sales, deeds-in-lieu, and deeds-for-lease.
The FHFA’s directive calls for servicers to:
• 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
By the end of this year, Fannie Mae and Freddie Mac will announce additional enhancements that address borrower eligibility and evaluation, documentation simplification, property valuation, fraud mitigation, payments to subordinate lien holders, and mortgage insurance.
Please call for more information Regina Singh at 714-883-5205 or email Regina@ReginaSingh.com