SPEED: Fannie Mae will directly approve short sales

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Frequently Asked Questions. Who is Fannie Mae? . I am worried about foreclosure. Where can I turn for advice? What will it cost? I have an adjustable-rate mortgage (ARM) that’s about to reset. Can I refinance through Fannie Mae? I’m not behind on my mortgage payments yet, but worry that I will.

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Fannie Mae is committed to preventing mortgage fraud, including fraud perpetrated by any party or parties involved in transactions related to Fannie Mae Short Sales and/or associated with a Fannie Mae REO property. Fannie Mae expects parties in its transactions to consistently and accurately follow both the letter and spirit of all Fannie Mae.

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Fannie Mae Guidelines Mortgage After Short Sale requires a four year waiting period after the date of the short sale. A short sale is an alternative to foreclosure short sales is often offered to homeowners who have mortgage balances which are higher than the market value of their homes by their existing lenders

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As Elk Grove Short Sale Specialists, once the servicer told us no extensions, we escalated to Fannie Mae direct, Senator Feinstein, Attorney General Harris and Acting Head of the FHFA Edward Demarco.

The answer appears to be yes. Prior to November 1, 2012, negotiators at Fannie Mae had told me over and over that Fannie Mae will not issue short sale approval if the seller is not in default. Other investors such as Bank of America and Wells Fargo do not force the seller into default and will grant a short sale when a seller is current.

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.

Breaking news in the real estate community. This week Gabrielle Harrison the VP of REO sales for Fannie Mae, and Ingrid Beckles the Default Asset Manager at Freddie Mac announced an overhaul to the short sale process at the two companies.

If you request list price guidance through our homepath short sale portal, you will receive updates directly from Fannie Mae. This will keep you up-to-date on the status of your request. You can expect a response that will help you make an informed decision before listing the property in a few weeks or less.

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