Fannie Mae has done an excellent job of emphasizing the long term benefit of short sales and eliminating the short term gain of stealing one commission. If Realtors know they will not have a commissionectomy, it is much more likely that they will do short sales. Thank you Fannie Mae.
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.
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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.
Report possible fraud directly to Fannie Mae at Mortgage Fraud Tips.You may also call our Fraud Tips Hotline at 1-800-2FANNIE (1-800-232-6643) to report possible fraud or if you have other concerns relating to a Fannie Mae-owned property.
Fannie Mae Guidelines Mortgage After Short Sale requires a four year waiting period after the date of the short sale. A short sale is an alternative to foreclosure Short Sales is often offered to homeowners who have mortgage balances which are higher than the market value of their homes by their existing lenders
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Short sales have a reputation for being, well, kind of a pain in the keister. It’s not uncommon to run across horror stories of the short sale process and timeline stretching out over seven months or more. With that kind of timeline, many buyers shy away from short sales, in spite of the great deals out there.
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If you’ve lost your home through a short sale, foreclosure, bankruptcy or deed-in-lieu of foreclosure, it doesn’t mean you’ll never be able to buy again. However, it does mean you’ll have to undergo a waiting period first to qualify for a conventional loan from a reputable lender. A conventional loan is one that is backed by Fannie Mae, the nation’s largest purchaser of mortgages in the.
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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.