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,
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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. 757 254 8136 Frequently Asked Questions by borrowers1. 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.
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.) |
Filed under: hampton roads, Short Sales |
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