• Click Here to Subscribe to Email updates

  • psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813
  • RSS Colonial Williamsburg News

    • THE WORD ON DOG STREET: REVERSING ATTENDANCE TRENDS
      The word on DoG Street is that the program changes at Colonial Williamsburg over the past few years have led to a decline in attendance. In fact, just the opposite is true. In 2014, after President Mitchell Reiss and his new team brought innovative program changes to CW, attendance rose after a seven-year decline. For...Read More »
    • An Open Letter to the Colonial Williamsburg Community
      The role of Williamsburg in America’s founding is nothing short of extraordinary. In the years leading up to the Revolution, this colonial capital city was a thriving center of culture, enterprise, education — and revolutionary ideas. It was here — in these homes, government halls and taverns — that Thomas Jefferson, James Madison and so...Read More » […]
    • An Insiders Guide to the 4th of July Festivities 2017
      We hope you’re making plans to celebrate independence the right way—with us! Our 4th of July festivities will feature a lot more than spectacular fireworks. We offered a preview a couple weeks ago–now here’s your practical guide for navigating the day. This year’s theme is “Light and Liberty,” drawn from a letter Thomas Jefferson wrote...Read More » […]
    • 7 Ways Our Free App Will Improve Your Visit
      The official Colonial Williamsburg Explorer app just received another big upgrade, so now there are even more reasons to make sure you make it part of your visit. Our website is a great way to plan your adventure from home, but when you’re here, the app is an indispensable tool to make the most of...Read More »
    • Reflections of a Revolutionary in Residence
      “Papi, am I a princess?” “Yes, Anabella, you are. But we all are. In our country every one of us is a king or a princess,” I said, echoing the words of young Mr. Jefferson as played by Kurt Smith. She was right to ask: my family was feted like never before during my recent...Read More »
  • Flickr Photos

Fannie Mae speeding up Short Sale process

In an effort to prevent foreclosures Fannie Mae has introduced its HomePath for Short Sales tool to help assist real estate agents in short sale transactions.

The  tool is available to real estate professionals working on a short sale that involves a Fannie Mae-owned loan. Once the short sale case is escalated, Fannie Mae will directly work with the agent or mortgage servicer to assist challenges such as valuation disputes, delays by servicers or uncooperative subordinate lien holders.

Agents can also use the new escalation process to receive a recommended list price from Fannie Mae prior to listing the property for sale

“By giving agents a straightforward, transparent way to escalate short sale issues to Fannie Mae, agents will close more sales, prevent foreclosures and help neighborhoods continue to recover.  Getting short sales done benefits everyone involved and Fannie Mae is committed to doing their part.”

Real estate professionals across the country have already begun using the HomePath for Short Sales escalation tool to resolve challenging short sale issues.

"I was working on a short sale recently with a servicer who was not being responsive, so I used the HomePath for Short Sales site to escalate the case to Fannie Mae," said Kelby Teer, a real estate professional with HomeSmart in Phoenix, AZ.  "I heard back very quickly and within two days the sale was approved.  My clients will now be able to avoid foreclosure."

"Fannie Mae has taken a serious step to address common issues with short sale files,

 

Borrowers Considering a Short Sale

If you are facing foreclosure and can no longer afford your home, you may qualify for a short sale, even if you don’t think you can sell your home. A short sale is when you sell your home for less than the balance owed on your mortgage. If your lender approves a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.

If you are a borrower considering a short sale, take a look at Fannie Mae’s Know Your Options website. Then contact Mr Williamsburg to get started listing your Williamsburg or Hampton Roads home for sale.

John@MrWilliamsburg.com 

757 254 8136

Frequently Asked Questions by borrowers

1. What is a short sale?

A short sale is a real estate transaction selling a home for less than what is owed on the mortgage. The bank or financial institution that holds the mortgage has to approve a short sale since it means taking a loss on that loan. With the decline in property values as a result of the housing crisis, short sales have become a larger share of home sales and an important tool to prevent foreclosure.

  • You are ineligible to refinance or modify your mortgage
  • You are facing a long-term hardship
  • You are behind on your mortgage payments
  • You owe more on your home than it’s worth
  • You haven’t been able to sell your home at a price that covers what you still owe on your mortgage
  • You can no longer afford your home and are ready or need to leave

2. What is Fannie Mae’s role in the short sale process?

If Fannie Mae owns your loan, Fannie Mae provides direction to the servicer of your loan. For short sales, Fannie Mae’s guidance includes borrower eligibility guidelines, specific list price guidance, offer requirements, and other potential foreclosure alternatives available to you if you do not meet the eligibility requirements for a short sale.

3. How do I know if Fannie Mae owns my loan?

To determine if Fannie Mae owns your loan, use Fannie Mae’s Loan Lookup tool. If you are not the property owner, you must have the property owner’s consent to use this tool.

4. What is the role of my mortgage servicer in the short sale process?

Your mortgage servicer handles all borrower interactions and the borrower eligibility process for a short sale. If a short sale offer meets Fannie Mae’s guidelines – including acceptable offer price, terms and normal and customary expenses – then certain servicers can approve and close the transaction on Fannie Mae’s behalf. If an offer does not meet Fannie Mae’s guidelines, a servicer can submit the offer to Fannie Mae to determine if the offer is acceptable.

5. What are my options if a short sale isn’t approved?

Contact your servicer to discuss the options for a Mortgage Release™, which is another option to resolve delinquency and avoid foreclosure. With a Mortgage Release, you have the option to 1) leave the property immediately, 2) remain for a three-month transition period with no rent payment required, or 3) sign a temporary lease with Fannie Mae for up to twelve months. (The Mortgage Release option was previously called deed-in-lieu of foreclosure.)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: