Honestly I feel numb every time Freddie or Fannie sends out a press release for new guidelines. Freddie published one in the spring this year that they would SPEED UP short sale timelines and I have YET to see that happen. Then at the end of August they announced that they would speed up things AGAIN. I have little hope these announcements will work, however, did anyone catch they would offer $6000 to a second lien holder to SPEED UP the process???? Again, this is a major JOKE. If it's HAFA doesn't a second lien holder get a max of $8500? So is this $6000 for a "traditional short sale"? I typically try to get a second lien holder 10% of the balance which many times is over $6000...I feel like they are flip flopping. It USED to be $6000 and then $8500 for HAFA and are we back to $6000?
Does anyone have a better understanding of this than me?
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We can only dream that this would speed things up. In our case the new guidelines (which realtors said there were unaware of and I had to send them the link to Fannie's site for them to read - but that's another story) are almost being used as an excuse to take even longer (now that we are already 9 months in and no closing in site)!!!