New HomePath for Short Sales Escalation – Short Sale Program
Fannie Mae has recently introduced a new tool that should speed up the short sale process. If a short sale is escalated, Fannie Mae directly engages with the agent or servicer to address disputes if the short sale is delayed by servicers or uncooperative subordinate lien holders. Fannie Mae can also help an agent use the new process to get a recommendation list price on the property.
“Our goal is to prevent foreclosures and help stabilize communities,” said Jay Ryan, vice president for real estate sales, Fannie Mae. “By giving agents a straightforward, transparent way to escalate short sale issues to Fannie Mae, we will close more sales, prevent foreclosures and help neighborhoods continue to recover. Getting short sales done benefits everyone involved and we’re committed to doing our part.”
Agents have already started using the Short Sales Escalation offered by Fannie Mae and have been able to help clients save their homes and avoid foreclosure.
“Fannie Mae has taken a serious step to address common issues with short sale files,” said Maryann Little, vice president for short sale mitigation with AA Premier Properties, LLC and Short Sale Mitigation, LLC in Stoneham, MA. “I’ve found HomePath for Short Sales to be an easy tool to communicate with Fannie Mae. Recently I escalated a file to work out a difference in valuation and in less than 24 hours it was resolved. I appreciated that I could send comps directly to Fannie Mae and let them know what we were seeing on our side of the short sale.”
In the first 9 months of 2012, Fannie Mae completed 58,376 short sales.
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