SPEED: Fannie Mae will directly approve short sales

HAFA Revision and Fannie Mae Update A short sale may take up to 120 days, but this could be shorter or longer depending upon your specific situation. If you are unable to sell your home, you may be able to transfer the ownership of your property to the owner of your mortgage (also called a Mortgage Release or Deed-in-Lieu of Foreclosure).

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Fannie Mae is expanding the functionality of its HomePath for Short Sales website. The HomePath site is designed. of submitted cases negotiate and receive first lien approval on a short sale.

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In a short sale, the bank that holds the mortgage must agree to accept a price for the home that is less than what is owed. Even though short sales are considered a better alternative to foreclosure,

Fannie Mae, the single biggest player in the American mortgage market, plans to crank up the pace of short sales on properties in its bulging portfolio. Fannie intends to "streamline" procedures to enable pre-foreclosure sales to speed through what is currently an extended, and often complicated, process.

She was negotiating a short sale where Greentree was the servicer and Fannie Mae was the investor. Greentree had approved the short sale however the buyer’s lenders appraisal came in lower than.

All properties being considered for a short sale must be listed on a MLS for a minimum of five consecutive calendar days, including one weekend prior to the servicer:-Submitting the short sale recommendation to Fannie for review, or-Approving the short sale A printed copy of the property listing must be kept in the mortgage loan servicing file.

Take, for example, the would-be homebuyer who is currently house hunting, pre-approved with a conventional mortgage with a previous short sale just two years ago. All conventional loans must go.

Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale. Previously, second lien holders could slow down the short sale process by negotiating for higher amounts.

The tool is available to any real estate professional working on a short sale involving a Fannie Mae-owned loan. Once a short-sale case is escalated, Fannie Mae will contact an agent or servicer to resolve challenges, such as valuation disputes, delays by servicers or uncooperative subordinate lien holders.