Better, Quicker and Faster Short Sales

The Government Sponsored Enterprises (GSE’s) issued new guidelines April 15, 2012, aimed at making the short sale process more transparent and expediting decisions made by lenders to approve short sales. The Federal Housing Finance Agency (FHFA) maintains that short sales are an extremely important alternative to foreclosure because it keeps homes occupied and helps to maintain stable communities.

In response to the biggest complaints about short sales that they take too long and are terribly inefficient, the FHFA established new minimum response times that loan services must follow to facilitate more efficient short sale transactions. The GSE’s new parameters now require loan servicers to make a decision within 30 days of receiving an offer on a property. If the servicer needs more than 30 days to make a decision, the servicer must provide the borrower with weekly status updates and come to a decision no later than 60 days after the offer was received. All decisions must be made within 60 days. GSE loan servicers must comply with the new requirements for all short sale considerations conducted on or after June 15, 2012.

For you as a short sale client to achieve the best outcome available to you, it is of critical importance to be sure that the lawyer handling your short sale on your behalf works aggressively, diligently and closely with the loan servicer, is responsive to all of their communications and has the qualifications, knowledge and experience necessary to negotiate and respond to their demands in a manner that will get you the best possible outcome. Call 941-795-6565 to schedule an appointment with a qualified short sale lawyer today. We have represented clients in the Sarasota and Manatee County, Florida area for nearly 20 years.