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Requesting Approval for a Pre foreclosure (Standard Short. – A short sale is where Fannie Mae agrees to accept less than the total amount owed on the mortgage loan. Fannie Mae will consider accepting a payoff of less than the total amount owed on the mortgage loan if it will reduce the loss Fannie Mae would otherwise incur with a foreclosure.
Evaluating a Borrower Whose Mortgage Loan Is Current or Less Than 31 Days Delinquent. The following table lists the requirements that must be satisfied for the servicer to request Fannie Mae’s prior written approval of a Fannie Mae short sale when the mortgage loan is current or less than 31 days delinquent.
Michigan-based Realcomp II, a multiple-listing service and data provider for half of the state, will participate in a Fannie Mae program to speed up stalled short sales. Realcomp II collaborated.
Fannie Mae has introduced an expanded "HomePath for Short Sales" option for real estate professionals to resolve short sale challenges and speed up the process. The tool is available to any real estate professional working on a short sale involving a Fannie Mae-owned loan.
Fannie Mae-approved lenders, servicers, or vendors should view the Single-Family and Multifamily Business Contacts page HomePath Properties If you have a question about how Fannie Mae sells its homes or have an issue with a property you are interested in purchasing, please contact us.
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The answer appears to be yes. Prior to November 1, 2012, negotiators at Fannie Mae had told me over and over that Fannie Mae will not issue short sale approval if the seller is not in default. Other investors such as Bank of America and Wells Fargo do not force the seller into default and will grant a short sale when a seller is current.
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Contact your mortgage company or the Fannie Mae Mortgage Help Network-Tell them you are interested in a Short Sale and you want to see if you qualify. Contact a licensed real estate agent-Tell them you are interested in listing your home for sale (if you have not already done so).
Fannie Mae HAFA Short SaleThere are no Fannie Mae HAFA Short Sales anymore. Fannie Mae has its own program for a short sale that does not involve the regular HAFA guidelines. Check the Fannie Mae website for short sales. Fannie Mae does often allow an incentive to a homeowner who occupies the property.
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