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Released: October 26, 2012
New short-sale guidelines are win-win for everyone
Source: Kerri Ann Panchuk, HousingWire
New short sale guidelines from Fannie Mae and Freddie Mac are designed to prevent deceptive transactions that pop up in times of distress when servicers and borrowers are negotiating short sales, representatives from Freddie Mac said in an exclusive webinar with HousingWire.com. The new Federal Housing Finance Agency short sale guidelines take effect Nov. 1. The guidelines were launched to streamline short sales while also giving servicers the power to expedite the process of identifying qualified borrowers, so they can smoothly transition into a short sale when needed. Freddie Mac said the new FHFA process also will educate homeowners about their options for short sales. For example, if a borrower acts in good faith on a short sale, Freddie will not pursue deficiency, and may provide up to $3,000 in relocation assistance.Read Full Article: New short-sale guidelines are win-win for everyone
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