New guidelines that go into effect June 15 for Fannie Mae and Freddie Mac are expected to shorten the short sale process, reports REALTOR® Magazine (via New York Times). Under the new rules, the mortgage giants must give notice of their short sale final decision within 60 days and respond to initial short sale requests within 30 days of getting an offer from a buyer.
In other news:
Reuters reports that there is a spring revival in the housing market as more buyers take advantage of affordable prices and low mortgage rates.
The clock is winding down on independent foreclosure reviews is you suspect that errors occurred in your foreclosure, the Washington Post reports.