The Federal Housing Finance Agency is requiring Fannie Mae and Freddie Mac, two if the largest mortgage lenders in the country, to speed-up the final decision making regarding short-sales. Beginning on June 15th these lenders will have no more than 60 days to report their decision. These new guidelines are great news for owners of Big Canoe homes who may need to short sale their homes. Often times the average wait for a response from lenders takes 90 days, if you’re lucky. Some never get an answer and are forced into foreclosure.
Requiring these lenders to make a decision in 60 days can save many home-owners from the credit-crippling fate of a foreclosure. If the borrower isn’t behind on payments, and the short-sale approval stated that the debts were settled completely there may not even be a credit hit. Make sure, however, that you’re choosing the right realtor to handle your short-sale. There are not many that have the knowledge to handle such a complex case. If you find that you’re in dire need of a short-sale in attempts to avoid a home foreclosure you need to find someone that knows what to do. Give Harry Norman Realtors North Georgia office a call and get in touch with an agent that really knows Big Canoe real estate and how short sales can work for you.