Tuesday, February 12, 2013

Got an issue with a Fannie Mae Short Sale? Escalate the issue here...

Fannie Mae announced a new "HomePath for Short Sales" tool to help agents resolve short sale issues in a faster, more efficient manner.  This website provides a platform for a short sale "escalation" process and is available to any real estate professional working on a short sale involving a Fannie Mae-owned loan.

Fannie Mae "owns" or "is the investor" on many of the loans serviced by the big banks (and some smaller ones) like Bank of America, Wells Fargo, Chase, GMAC, CitiMortgage, Nationstar, etc. Often times, a while a loan servicer drives much of the short sale process, it is Fannie Mae that gets the final decision regarding the approval of a short sale. Click here to find out if your loan is owned by Fannie Mae.

So basically if you are having a challenge with a Fannie Mae short sale -- for example, the loan servicer isn't being responsive with a approval or rejection decision, a valuation was ordered but not completed in a timely manner, or the value of the property for sale was appraised higher than the market value, or a subordinate lien holder (2nd mortgage, home equity line of credit, etc) isn't cooperating -- open an inquiry with them and Fannie Mae will directly engage with the agent or loan servicer to address the issues. Keep in mind that you will need to be armed with SPECIFIC and detailed information regarding the transaction and the issue you are experiencing.

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

If you have your home listed for a short sale, the loan is owned by Fannie Mae (you can look that up here), and are experiencing issues -- encourage your agent to escalate the issue immediately. OR if you have a Sacramento home with a Fannie Mae-owned mortgage, be sure to list the home with an agent who is familiar with these escalation processes. If you are thinking about doing a short sale, of course I welcome your call to see if we are a fit to work together.

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