Timelines may speed short sales

Timelines may speed short sales

If you’re one of the estimated 11 million homeowners burdened with an underwater mortgage, a new federal-policy change could be good news: Starting in June, when you want to do a short sale to shed your mortgage-debt load and avoid foreclosure, you may not have to wait for months to hear back from your bank when you submit an offer from a potential purchaser.

Instead, if your loan is owned or securitized by either of the dominant conventional mortgage-market players — Fannie Mae or Freddie Mac — you can expect a response within 30 business days, with a final decision no later than 60 days.

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