New Short Sale Guidelines
Good news for Sarasota Short Sales and Sarasota foreclosures: Starting today, Nov. 1, 2012, new short sale guidelines spearheaded by the Federal Housing Finance Agency (FHFA) go into effect. The new rules impact all mortgages under the federally controlled Fannie Mae and Freddie Mac.
One part of the change allows a handful of the nation’s larger mortgage servicers to approve a short sale without needing Fannie or Freddie to sign off on it. Servicers include in the agreement are:
• CMG Mortgage Insurance Company
• Essent Guaranty Inc.
• Genworth Mortgage Insurance Corporation
• Mortgage Guaranty Insurance Corporation
• PMI Mortgage Insurance Company
• Radian Guaranty, Inc., Republic Mortgage Insurance Company
In addition to quicker short sale approval, other changes become effective today....