I've got a contract for a short sale on a property that is being serviced by Residential Credit. They have delayed acknowledgement and/or lost some paperwork, creating the need to refax some materials as much as 3 times. Although Residential Credit has verbally stated that they will process this short sale, it has already been in progress for nearly 2 months, and the file has not yet even been submitted to Underwriting.
The mortgage note is held by Fannie Mae, and there is no second lien. Is there any reason why we can't proceed directly with Fannie Mae? What are the pros and cons of doing so?
Thank you for your help!
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Anna. Fannie Mae will not process the short sale but the will help move things along. Their contact info and precedures can be found in our Fannnie Mae group here:
http://shortsalesuperstars.com/group/fanniemae