This is an article that covers something new the government will be doing in April. This will help to speed up the response time from the bank when they get an offer from a short sale. Presently I have seen banks taking between 30 - 90 days to respond to an offer. This will not cover Fannie and Freddie loans for now but it is a start. It doesn't make sense why banks wouldn't have responded fast to begin with since it is cheaper for them to go through a short sale than a foreclosure. Hopefully it will work out as planned.
Terry Manos
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