Short sale experts in Denver have some exciting news to share: Freddie Mac and Fannie Mae have decided to shorten their short sale response times. Freddie Mac and Fannie Mae are the two largest investors of home loans in the United States, so this will have an impact on quite a number of homeowners that decide to do short sale their home. They are going to start holding the servicers accountable for tightening their response times if the homeowners has completed a full short sale package.

As of June 25th, the goal for Fannie Mae and Freddie Mac is to get their short sale response time down to 30 days. Currently there really isn’t a set amount of time that the two investors strive to get their short sales done, so in setting a goal it’s showing a major step towards streamlining the short sale process. Of course, with Fannie Mae and Freddie Mac being the two largest investors in the nation, this will no doubt set the precedent for other investors.

Of course, if there are any issues that arise with the short sale, such as home value discrepancies or missing paperwork in the short sale package, a response on the the short sale could take up to 60 days. This is the maximum amount of time that Fannie Mae and Freddie Mac will allow for short sale reviews. Some short sale experts are speculating that if servicers don’t stick to this tightening timeframe, they could be fined by either of the investors for not adhering to their guidelines.

If you have Fannie Mae or Freddie Mac as the investor on your home loan and are contemplating a short sale, contact a Denver short sale expert today. By working with a professional short sale expert, they will be able to tell you how this change impacts you and your short sale transaction.