Fannie Mae To Directly Approve Short Sales

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. Available to any real estate professional working on a short sale with a Fannie Mae-owned loan, this means that, “Fannie Mae will work directly with the agent or mortgage servicer to assist challenges such as valuation disputes, delays by servicers or uncooperative subordinate lien holders.” This path will help close more short sales, prevent troubled homeowners of falling into foreclosure and help neighborhoods. Realtors around the country are already seeing the positive impact of this program in shorter response times in closing their short sales. Read more here.
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