Guide Bulletin 2012-9 Introduces Communication Time Lines for Short Sales
April 17, 2012
A short sale is a valuable alternative to foreclosure when a home retention option is no longer feasible. As you engage in short sale transactions, it is important that you refer to Single-Family Seller/Servicer Guide (Guide) Bulletin 2012-9. Today’s Guide Bulletin clarifies existing requirements and introduces a new uniform set of minimum response time frames for working with struggling homeowners who are eligible for Home Affordable Foreclosure Alternative (HAFA) Short Sales and short sales processed in accordance with Guide Chapter B65, Workout Options.
The new requirements leverage communication and response time frames we established under the Servicing Alignment Initiative. To facilitate efficient short sale transactions and help expedite struggling homeowners’ transition into more affordable housing, minimum time frames are provided for the following stages in the short sale process:
- Acknowledging Borrower Response Packages
- Responding to purchase offers
- Offering and receiving counteroffers
You must comply with the new minimum communication time frames for all short sales, as detailed in Guide Bulletin 2012-9, for new borrower evaluations conducted on or after June 15, 2012. However, you are encouraged to begin implementing the new requirements sooner.