Congress needs to act, or forgiven mortgage debt won’t be forgiven next year.
At the same time that a bright spot has emerged for struggling home owners trying to get a short sale closed — Fannie Mae and Freddie Mac now require shorter short sales from lenders they work with — there’s a looming cloud.
New Fannie and Freddie rules and bipartisan bills aim to speed the short sale process, preventing more home owners from slipping into foreclosure and keeping the economy on its feet
Imagine you’re underwater on your mortgage, but you’re trying to sell your home. Your REALTOR® has a buyer lined up. Everything looks good to go. Except there’s one small problem: Your lender isn’t responding to your repeated requests to approve the sale.
In this week’s housing news roundup, short sales flex some muscle while regulators and legislators debate changes to mortgage loan rules.
Are Short Sales Getting Any Faster?
August 26, 2011
By Mary Ellen Podmolik, Chicago Tribune
Aug. 26 — Are short sales getting easier?
It’s something that’s hard to quantify because there are still plenty of horror stories in which a mortgage servicer took months longer than expected to decide on an offer, and the prospective buyers wouldn’t wait or couldn’t agree on a price.