Federal Housing Finance Agency making new rules to speed up short sales
The Federal Housing Finance Agency is making a move that could keep many homes from foreclosure.
The agency will require lenders to review and respond to short sale requests within 30 days. A final decision must be made within 60 days.
In a short sale, the bank that holds the mortgage must agree to accept a price for a home that's less than what the homeowner still owes.
This could save banks thousands in lost property value and costs by avoiding foreclosure. The new rules go into effect June 1.