SPEED: Fannie Mae will directly approve short sales

The latest efforts by Fannie Mae. upon directly by the servicer, without any additional sign-off from Fannie or Freddie. Beth Mann, an orland park real estate attorney, already has seen some.

housingwire.com In an effort to prevent foreclosures and help stabilize communities, Fannie Mae introduced its HomePath for Short Sales tool to help assist common short sale challenges — such as an unresponsive mortgage servicer.

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Midwest Real Estate Data (MRED) has teamed up with Fannie Mae to provide its brokers and agents with a service designed to shorten the time they have to wait for approval from the GSE on short.

SPEED: Fannie Mae will directly approve short sales | HousingWire This is good news! housingwire.com In an effort to prevent foreclosures and help stabilize communities, Fannie Mae introduced its HomePath for Short Sales tool to help assist common short sale challenges — such as an unresponsive mortgage servicer.

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 · Borrowers who are current on their payments but who have lost their job may also qualify, but will need to be approved by Freddie Mac or Fannie Mae prior to approval of the short sale. Short sales will be expedited for borrowers at least 90 days behind on their mortgage with a credit score below 620; these homeowners will not have to document financial hardship or get approval directly from.

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.

 · Fannie Mae approved a short sale for Wright, the Nevada homeowner, after he found a third buyer. A deal went through on Feb. 15, two weeks before the house’s scheduled foreclosure auction. The price was $265,000, 37 percent less than what Wright paid in 2007 and about $125,000 short of what he owed Fannie Mae.