CAR partners with Fannie Mae on short-sale help desk
The California Association of Realtors is partnering with Fannie Mae to create an "assistance desk" that will help brokers and agents resolve issues on short sales involving Fannie Mae-backed loans. Fannie and CAR said the goal is to eliminate some of the delays often associated with the lengthy sales process. "This initiative marks another important step toward helping homeowners and Realtors navigate the complex and difficult short sale process," said CAR president Beth Peerce. "The Assistance Desk will expedite a timely resolution of short sales transactions, eliminating the long approval delays Realtors often cite as problematic with short sales." The assistance desk is designed to handle post-contract issues such as mortgage servicer responsiveness. It will also handle conflicts created when the case filing involves issuance a second lien or mortgage insurance. The desk will only handle properties in cases where Fannie Mae securitized the first-lien mortgage. Write to Kerri Panchuk.