FNMA Helps Short Sales
Fannie Mae Announces Tool to Escalate Short Sales
Real estate professionals who find themselves stuck in the short sale process can turn to a recently expanded tool from Fannie Mae.
The HomePath for Short Sales tool can be used by agents to escalate the short sale process. The tool is only for loans owned by Fannie Mae.
When agents escalate a case, Fannie Mae will contact the appropriate agent or servicer to address the challenge that may be stalling the process. Examples of issues that can hinder the process include valuation disputes, delays by servicers, or uncooperative subordinate lien holders.
Agents can also use the tool to receive a recommended list price from the GSE before listing the property.
“Our goal is to prevent foreclosures and help stabilize communities,” said Jay Ryan, VP for real estate sales at Fannie Mae. “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. Getting short sales done benefits everyone involved and we’re committed to doing our part.”
The GSE reported instances of when the tool was able to help real estate professionals.
“I was working on a short sale recently with a servicer who was not being responsive, so I used the HomePath for Short Sales site to escalate the case to Fannie Mae,” said Kelby Teer, a real estate professional with HomeSmart. “I heard back very quickly and within two days the sale was approved. My clients will now be able to avoid foreclosure.”
“I’ve found HomePath for Short Sales to be an easy tool to communicate with Fannie Mae,” said Maryann Little, VP for short sale mitigation with AA Premier Properties, LLC and Short Sale Mitigation, LLC. “Recently I escalated a file to work out a difference in valuation and in less than 24 hours it was resolved. I appreciated that I could send comps directly to Fannie Mae and let them know what we were seeing on our side of the short sale.”
According to a company release, Fannie Mae has competed 58,376 short sales through the first nine months of 2012.