The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are issuing new, clear guidelines to their mortgage servicers that will align and consolidate existing short sales programs into one standard short sale program.
The streamlined program rules will enable lenders and servicers to quickly and easily qualify eligible borrowers for a short sale.
Among the changes: Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale. Previously, second lien holders could slow down the short sale process by negotiating for higher amounts.
Not any more.
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