Finally, proof about how long it takes to get short sale approval from lenders from C.A.R. Newsline. Are Fannie Mae’s and Freddie Mac’s new guidelines, which take effect June 15, possible given their performance to date? These loan providers will then have 30 days to review and respond to short sale offers or requests, If they need more than 30 days, they must provide the borrower weekly updates and a final response within 60 days. So I guess there will be many such updates going out.
RealtyTrac has compiled a list of data revealing which lending institutions tend to move through the short sale process the quickest. According to the data, Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA) had the shortest timelines at 193 days in January 2012, a decrease compared with a year ago when short sales averaged 248 days. Ally Financial came in second at 321 days, reducing its timeline as well from 393 days a year ago.
PNC Financial Group was third, taking 353 days, though the bank takes longer than it did a year ago when it took 206 days. Wells Fargo came in fourth at 385 days, followed by Bank of New York Mellon, 402 days; Bank of America, 403 days; and Sun Trust, 404 days.
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