New Federal Guidelines May Mean Hope for San Francisco Bay Area Homeowners-Part 2Posted by Bruce Wagg on
In Part 1, we discussed the history and development of the HAFA program, and talked about short sales. As of June, 2012, a new version of this program has come online. It may be of interest to Oakland and Piedmont residents whom I assist.
THE PROPOSED SOLUTION-NEWER VERSION-If the home involved is financed by Fannie Mae or Freddie Mac, the homeowner will benefit from some new guidelines:
a. Under the new rules, servicers (lenders) will have 30 days to review and respond to all short sale offers or requests. If they find that they will need more than these 30 days, they must provide the borrower with weekly updates, and furnish a final response within 60 days.
b. During the above 60 days, the lender must tell the borrower whether a short sale will…
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