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New guidelines are a tall order for short sales

Posted by Bonnie Martin Designated Broker on Thursday, May 3rd, 2012 at 7:29am.

Fannie Mae and Freddie Mac have issued new guidelines designed to speed up short sales and make them more consistent, but real estate agents question whether they are achievable in the real world.

In a short sale, a lender agrees to accept less than the amount owed on a property and release its lien.

Under the new guidelines, which take effect June 15, servicers have 30 days to review and respond to short sale offers or requests. If they need more than 30 days, they must provide the borrower weekly updates and a final response within 60 days.

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