Chula Vista CA - Fannie Mae stands for Federal National Mortgage Association. Fannie Mae was placed into conservatorship by the US government in June, 2008.
Fannie Mae short sales are much simpler than other short sales. Around half of all US mortgages are owned by Fannie Mae or Freddie Mac. That means the company you have been mailing your mortgage payment to does not actually own your loans. You might mail your check to Bank of America, Wells Fargo, or Chase. But, they act as a "Servicer" on behalf of Fannie Mae.
Fortunately for most homeowners, Fannie Mae does not pursue deficiencies or promissory notes. The only exceptions are if it were a strategic default or the loan has Mortgage Insurance. Even in these cases, you can usually avoid a deficiency judgment. A Fannie Mae short sale has to be approved by Fannie Mae.
That means you will send all your paperwork to your lender. They will process your paperwork and then send the final paperwork to Fannie Mae for final approval. In some cases, the lender will be "delegated." This means that Fannie Mae has "delegated" the authority to make decisions on the short sale to the lender.
Click here to research if your loan is owned by Fannie Mae.
Click here to research if your loan is owned by Freddie Mac.
Fannie Mae is fairly reasonable with their short sale process. Unlike certain lenders, they don't demand more than is reasonable. They adjust their policies from state to state to make the process easier. In addition, they have a great policy for negotiating with second mortgages.
Short sales with two mortgages can be very tough. The first and second mortgages fight over the available funds. This usually throws a wrench in the short sale negotiations. The second will get zero in a foreclosure. But, the first is willing to give the second something because a foreclosure costs them money.
However, the second wants more than the first is willing to give. Fannie Mae has gotten rid of all the issues with a straight forward second mortgage policy. They pay $3,000 to the second mortgage, regardless of what they are owed. This streamlines the process and makes everyone happy.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at mikeprusd@hotmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (619) 743-8884.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Chula Vista Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Mike Watson.
Mike is a Real Estate Agent at Prudential California Realty.
Phone: (619) 743-8884. mikeprusd@hotmail.com.
View My homes for sale at www.sellingchulavistahomes.com.
Mike Watson has lived and worked in Chula Vista California since 1999.
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