The Federal Housing Finance Agency is requiring Fannie Mae and Freddie Mac, two if the largest mortgage lenders in the country, to speed-up the final decision making regarding short-sales. Beginning on June 15th these lenders will have no more than 60 days to report their decision. These new guidelines are great news for owners of Big Canoe® homes who may need to short sale their homes. Often times the average wait for a response from lenders takes 90 days, if you’re lucky. Some never get an answer and are forced into foreclosure.
Requiring these lenders to make a decision in 60 days can save many home-owners from the credit-crippling fate of a foreclosure. If the borrower isn’t behind on payments, and the short-sale approval stated that the debts were settled completely there may not even be a credit hit. Make sure, however, that you’re choosing the right realtor to handle your short-sale. There are not many that have the knowledge to handle such a complex case. If you find that you’re in dire need of a short-sale in attempts to avoid a home foreclosure you need to find someone that knows what to do. Give Harry Norman Realtors North Georgia office a call and get in touch with an agent that really knows Big Canoe® real estate and how short sales can work for you.