SPEED: Fannie Mae will directly approve short sales

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.

Fannie Mae has done an excellent job of emphasizing the long term benefit of short sales and eliminating the short term gain of stealing one commission. If Realtors know they will not have a commissionectomy, it is much more likely that they will do short sales. Thank you Fannie Mae.

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Having successfully completed over 58,000 short sales in 2012, Fannie Mae announced that they are taking additional steps to speed up the short sale process and help troubled homeowners avoid foreclosure. They will do this through their newly introduced homepath for Short Sales tool, which is designed to help overcome common short sale challenges.

It doesn’t mean you’ll never be able to buy again if you’ve lost your home through a short sale, foreclosure, bankruptcy, or a deed-in-lieu of foreclosure. You will have to undergo a waiting period first, however, to qualify for a conventional loan from a reputable lender.

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All properties being considered for a short sale must be listed on a MLS for a minimum of five consecutive calendar days, including one weekend prior to the servicer:-Submitting the short sale recommendation to Fannie for review, or-Approving the short sale A printed copy of the property listing must be kept in the mortgage loan servicing file.

Take, for example, the would-be homebuyer who is currently house hunting, pre-approved with a conventional mortgage with a previous short sale just two years ago. All conventional loans must go.

 · Freddie Mac’s New Short Sale Process Beginning to Take Hold’ Freddie Mac’s Standard Short Sale program has been in effect for close to three months, and the GSE continues to work to publicize the program and.

In addition, over the next few months Fannie Mae will roll out the ability to negotiate and receive first lien approval on a short sale directly from Fannie Mae. That capability will be introduced.

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