SPEED: Fannie Mae will directly approve short sales
In an effort to prevent foreclosures and help stabilize communities, Fannie Mae introduced its HomePath for Short Sales tool to help assist common short sale challenges.
The escalation tool is available to any real estate professional 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.
“By giving agents a straightforward, transparent way to escalate short sale issues to Fannie Mae, we will close more sales, prevent foreclosures and help neighborhoods continue to recover,” said Jay Ryan, vice president for real estate sales at Fannie Mae “Getting short sales done benefits everyone involved and we’re committed to doing our part.”
Many real estate professionals are already using HomePath for Short Sales throughout the country and are pleased with the quick response time by Fannie Mae.
"I heard back very quickly and within two days the sale was approved. My clients will now be able to avoid foreclosure," said Kelby Teer, a Phoenix HomeSmart real estate professional.
“Recently I escalated a file to work out a difference in valuation and in less than 24 hours it was resolved. I appreciated that I could send comps directly to Fannie Mae and let them know what we were seeing on our side of the short sale," added Maryann Little, vice president for short sale mitigation with AA Premier Properties and Short Sale Mitigation.
In the past, Fannie Mae has worked to reduce short sale timelines, expand eligibility for short sales and prohibit servicers from reducing an agent’s commission.
Throughout the first nine months of 2012, Fannie Mae completed 58,376 short sales.