One of the critical pieces involved in negotiating a short sale is understanding just what entity actually owns the loan. Often times the company that a homeowner sends the monthly mortgage payment to only services the loan, but does not own the loan - meaning they do not actually make decisions regarding whether or not to approve the short sale.
So, two fairly common loan "investors" (aka, the entity that owns the loan) are Fannie Mae and Freddie Mac. They have tools online that can be used to determine if either one owns the loan...they are quite helpful so that I can try my best to predict exactly what to expect in the short sale negotiation process...here they are:
Fannie Mae Loan Look-up
Freddie Mac Loan Look-up
Other loan "investors" can be other banks, credit unions, pension plans, private investors, hedge funds, etc. that are not as easy (or basically impossible) to look-up.
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