Putting the “Short” back in ‘Short Sale’
New Rules to reduce the murkiness of the ‘short’ sale.
Starting this month, that waiting game will have some new rules — at least in the case of loans controlled by Fannie Mae and Freddie Mac, which account for about one-third of the troubled mortgages out there.
The companies that service Fannie and Freddie home loans will have to make decisions on short sales within 30 days. A one-month extension is possible, but then the servicer has to provide weekly status updates to homeowners on where the short sale stands
Listen to the story at NPR: A Waiting Game For Homeowners Trying To Sell Short : NPR.