The Federal Housing Financing Agency (FHFA) has made a significant attempt to streamline short sales with Fannie Mae and Freddie Mac. On April 17th, they released a statement in an effort to combat the current time delays of short sales. The FHFA has ordered Fannie Mae and Freddie Mac to develop a new timeline for facilitating short sales and responding to them within 30 days after an offer has been received. Mortgage servicers of the Fannie Mae and Freddie Mac loans must also abide by the new timeline.

If a short sale offer has not been responded to within thirty days, the servicer then must provide weekly reports as to the status of the review to the borrower and a decision must be made within sixty days after the original offer was made.

The new timeline is expected to be released in June of this year.

Source: FHFA.gov