Comment

Comment by Gail Mitkoff on April 11, 2011 at 4:08am

I would suggest that you encourage your MLS to offer the Fannie Mae Short Sale Assistance Desk.  This way, if your post-offer short sale transaction gets bogged down, you can escalate it to Fannie Mae if it meets the eligibility guidelines.  The CA Association of Realtors is partnering with MLSs in CA to offer this free service.  I would suggest that you contact your MLS and visit the CAR website to preview their announcement at:http://www.car.org/newsstand/newsreleases/fanniedesk/

 

 

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Comment by Jim Schneider on March 15, 2011 at 7:53am

Bryant, thanks for the feedback, having looked at their video, it looks pretty limited. No substitute for calling.

Comment by Bryant Tutas on March 14, 2011 at 11:39am

Jim. We've had that feature for about a year. It basically just connects you to the Fannie Mae resource center. It is a good tool though when needed.

Comment by Jim Schneider on March 14, 2011 at 11:23am

My MLS just added a feature called the Short Sale Assistance Desk that is supposed to help deal with short sales on Fannie Mae loans only. Has anyone else seen a service like this?

Comment by Becky Lane on March 9, 2011 at 9:39am

Does anyone have a direct contact at Fannie Mae?  My buyer is scheduled to close on a FM home Friday and I've just learned that FM title company, Watson Title is waiting on a QCD from Suntrust.  Watson Title said they have expedited this file but thought I could contact someone at FM to assist us.  Thanks for any help you can give.  BTW - I've already called the resource center line and was transferred to a level 2 person and had to leave a message.

Comment by Jim Schneider on March 4, 2011 at 6:25am

Will Fannie Servicers Pre-approve Short Sales???

 

I looked through the Fannie Mae Servicing Guidelines, and in Section 604.02  (pg 153 of pdf labled as page 706-21 on document) it says:

"Sometimes a borrower may be reluctant to list his or her property for an amount that is less than that required to satisfy the entire debt unless the servicer provides written assurance that the short payoff will be accepted. When this happens, the servicer must request Fannie Mae’s prior approval of the preforeclosure sale before the property is listed. If Fannie Mae approves the sale (subject to receipt of a specific price), the servicer can add the requested assurance as an addendum to the listing agreement.
The servicer must explain to the borrower that he or she is expected to execute all of the documents that are necessary to sell the property—listing agreement, purchase/sales contract, closing documents, etc.—even though the documents will indicate that the sales proceeds must be paid to the mortgage holder. The servicer also must advise the borrower that he or she will remain responsible for maintenance of the property until it is sold and the settlement has occurred." (emphasis mine)

 

Now, I've been doing short sales for long enough to know that even when servicers "have to" do something, it doesn't mean that they always do it. Has anyone gotten short sales pre-approved by Fannie Mae before listing the property??? If so how difficullt and how long did it take?

Comment by Aida Gonzalez on February 15, 2011 at 8:58am

I imagine it, thanks Bryant

Comment by Bryant Tutas on February 15, 2011 at 12:15am

Hi Aida. No it is not. You have go through the servicer/lender. They will deal with Fannie Mae.

Comment by Aida Gonzalez on February 14, 2011 at 5:33pm

Here is my question: i have  recieved an information regarding Fannie mae short sale, it is true that we need to go to fannie mae web page to get like a pre approval short sale first?

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