FHLMC New Resources to Help Implement Standard Short Sale
Investor Update: On October 29, Freddie Mac released an update entitled New Resources to Help Servicers Implement the Freddie Mac Standard Short Sale.
New Resources to Help Servicers Implement the Freddie Mac Standard Short Sale
You now have two new resources to help you implement the new Freddie Mac Standard Short Sale:
- Real estate professional marketing flyer: A resource to help you explain the distinct advantages of the new Standard Short Sale requirements to real estate professionals and how working with you can prove to be mutually beneficial. It focuses on the recent improvements to the short sale process, helping their clients avoid foreclosures.
When you download the flyer [PDF], simply customize it with your contact information and logo before distributing it. With this customized approach, you can further help borrowers avoid foreclosure with the assistance of real estate professionals.
- Obtain Valuation fact sheet: A tool that highlights the benefits and gives high-level detail on how you use this online functionality when requesting the estimated market value and minimum net proceeds for a Standard Short Sale. The estimated market value will help you provide listing price guidance to borrowers and real estate professionals. You are encouraged to download the fact sheet [PDF] and use it as a reference when you process Standard Short Sales.
Effective Date Reminders
You must begin implementing the Standard Short Sale for new borrower evaluations conducted on or after November 1, 2012. As a reminder, you must:
- Refer to Single-Family Seller/Servicer Guide (Guide) Chapter B65, Workout Options, for the complete requirements.
- Use the Obtain Valuation functionality for borrowers who are 31 days or more delinquent. If you did not enroll for a new authorized user role, Workout-Specialist, you must do so immediately using the applicable forms on the Service Loans Application Resource Center.
- Continue to request the property value from BPOdirect® and request the minimum net proceeds from Freddie Mac by sending an email to ShortSales@FreddieMac.com for borrowers who are current or less than 31 days delinquent.
More Information and Training
To view the online release, please click here.
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