Fannie Mae upgrades short sale process

WASHINGTON – Feb. 12, 2013 – Fannie Mae – the government agency that buys mortgages from lenders – says it expanded its HomePath for Short Sales tool to help speed up the process.

Any real estate professional working on a short sale with a Fannie Mae-owned loan can use the new tool as part of a short sale escalation. Once a case is escalated, Fannie Mae will work directly with an agent or servicer to address challenges, such as valuation disputes, delays by servicers or uncooperative subordinate lien holders.

Agents can also receive a recommended list price from Fannie Mae prior to listing the property for sale through the new escalation process.

“By giving agents a straightforward, transparent way to escalate short sale issues to Fannie Mae, we will close more sales, prevent foreclosures and help neighborhoods continue to recover,” says Jay Ryan, vice president for real estate sales, Fannie Mae.

Home Path has a webpage with more info for real estate pros about the short sale process.

An issue about a current or proposed short sale can also be sent directly to Fannie Mae through a dedicated webpage.
fannie mae© 2013 Florida Realtors®

Reprinted with permission. Florida Realtors®. All rights reserved.

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