Government-backed housing giants Fannie Mae and Freddie Mac are adopting new guidelines to streamline the process for short sales, which most real estate observers expect will outpace foreclosures in the coming year.

The guidelines, required by the Federal Housing Finance Agency and effective June 15, would require servicers of mortgages backed by Freddie and Fannie to review and respond to requests for short sales within 30 calendar days of receipt of a buyer’s offer.

Full story is available on Omaha.com

If you’re as busy as I am, asking you to weigh in on yet another request for comment from the Consumer Financial Protection Bureau is likely to be greeted with a well-understood “humph.”

Since the bureau’s inception, it’s been asking consumers for feedback on issues such as student loans, credit cards and how you’re affected by mandatory arbitration clauses.

Full story is available on The Washington Post

Many American families bought their homes at or near the peak of the house price boom. “Through no fault of their own” (individually, not collectively), house prices collapsed. Many of these families are now “underwater:” what they owe on their mortgage exceeds the market value of their home. Some have lost their jobs and can no longer afford to make their monthly mortgage payment. Others can afford it, but are walking away from their obligations. Still others seem to be doing the “responsible” thing: they continue to service their debt. Shouldn’t we (the rest of society) do something to help “responsible” homeowners?

Full story is available on  Wall Street Pit

As a home buyer or refinancer, you’d expect to submit recent pay stubs and bank-account statements when applying for a mortgage loan.

But a copy of your divorce decree?

That’s exactly what happened to a recent borrower who was asked to explain a deposit of about $200 to her bank account, says Frank Donnelly, president of the Mortgage Bankers Association of Metropolitan Washington

Full story is available on The Wall Street Journal

If you’re thinking about applying for a mortgage loan from the Federal Housing Administration – or refinancing your current loan – you may soon have a new roadblock. If you owe more than $1,000 in debt that’s in collection, an FHA loan will be off limits to you starting this summer, due to a controversial new rule that goes into effect July 1.

Postponed since original start date of April 1, the rule prohibits borrowers with more than $1,000 in disputed collection accounts from obtaining a federally backed FHA mortgage. Prospective borrowers can reapply once they pay off these outstanding collections.

Full story is available on nwitimes.com

Talking with mortgage counselor Rebecca Martello, in her quiet sunlit office at the Chase Homeownership Center on Arden Way, is a far cry from the anonymous Internet experience or frustrating phone calls that many struggling homeowners encounter.

Martello, who was laid off from her former job as a loan officer during the housing crash, has been through the anxiety of unemployment and the threat of losing her home. She’s empathetic yet efficient when it comes to helping others in similar situations.

Full story is available on sacbee.com

Q. I have a second and third mortgage on my house. Can the lenders of my second and third mortgage foreclose on my house even if I make all my payments to my first mortgage lender in timely manner? Is there any way that I can short-sell my house?

Your letter reminds us of the go-go years of real estate, where property values were rising so fast that many homeowners took out several home equity lines of credit — and home equity lenders happily agreed to sit behind the primary, secondary and even tertiary lender.

Full story is available on NorthJersey

Underwater borrowers with loans held by two government-backed companies, Fannie Mae and Freddie Mac, finally have a shot at reducing the amount they owe on their mortgages.

Keep Your Home California, operated by the California Housing Finance Agency, is making the offer to homeowners whose loans are higher than the value of their house, and who are struggling in some way to make mortgage payments.

Full story is available on menafin.com

Short sale seminar: Is it for me? Come with your questions to a free seminar and learn about what a short sale is and the different alternatives available. Explore your options with a professional resource panel. Buyers looking to learn about short sales also welcome. The seminar is 6:30-8:30 p.m. May 30 at the West Bloomfield Public Library, 4600 Walnut Lake Road. Call Sheila Roma at 248-760-6785 or Debbi McLaughlin at 248-561-0077 to reserve a spot by May 25. Sponsored by Keller Williams Realtors.

Full story is available on Freep.com

The foreclosure crisis just resulted in a very expensive mix-up for one Mississippi resident.

Terry Jordan was sold the wrong foreclosed home by her realtor and wasn’t informed until after she had spent thousands of dollars on renovations, WREG 3 reports. Her realtor then admitted she had actually been sold the house a few feet away, one half the size and full of mold.

Full story is available on The Huffington Post