Why It’s Useful: This post links to Fannie Mae’s new guidelines for short sale and deed-in-lieu requirements as of August 22, 2012.
Subject: Short Sale – FannieMae – Servicing Guide SVC-2012-19
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Servicing Announcement Guide SVC – 2012-19
August 22, 2012
Standard Short Sale/ HAFA II and Deed in Lieu of Foreclosure Requirements
This Announcement introduces new requirements for the Fannie Mae short sale and deed-in-lieu of foreclosure processes as part of the Servicing Alignment Initiative. These new requirements implement and are consistent with the aligned policies described in Federal Housing Finance Agency’s July 3, 2012 Directive to Fannie Mae and Freddie Mac to help simplify and streamline the short sale and deed-in-lieu of foreclosure processes. As part of this update, Fannie Mae is renaming the Fannie Mae preforeclosure sale program to standard short sale/HAFA II, which is a separate offering from the Fannie Mae HAFA program. In addition, Fannie Mae is replacing all references to the term “preforeclosure sale” with “short sale.”…
