Fannie Mae Owns My Mortgage - Will That Make My Short Sale Easier?

In general, I would say yes. I’ve had great success on Fannie Mae files and I would say the negotiation process is very smooth. The rules are established on Fannie Mae short sales, and I find that that helps even when there is a second mortgage -- either they will accept what Fannie Mae will pay or they won’t. The back and forth game is minimized.

However, whether the approval process of a Fannie Mae short sale will be smooth is still dependent on the servicer. I have experienced servicers losing approvals issued by Fannie Mae and by the time they are received they are almost expired. On the other hand, the quickest approval I’ve ever received from Chase Home Mortgage was on a Fannie Mae file -- it was only 44 days until the approval was received. Overall, a sluggish or disorganized servicer can affect how fast files are submitted and how fast approvals are received from Fannie Mae. But, my experience is that Fannie Mae is upholding their part of the bargain on short sale processing.

 

In fact recently, a short sale seller of mine was offered a “Fannie Mae Streamlined” short sale. Bank of America was the servicer of that loan and the process was handled by REDC. No financial documents were required from my clients and no supporting documents were required from me either.

 

The entire short sale package consisted of a one page agreement, the purchase contract and the estimated settlement statement showing the net amount Fannie Mae would receive in the short sale. My sellers will also receive a $3000 relocation incentive when they close. This Fannie Mae short sale was approved in 22 days! It has been an amazing short sale and it lets you know how easy it can be when you have cooperation and competence from the servicer and investor.

How do you determine if Fannie Mae or Freddie Mac owns your home loan? Fannie Mae has a website where you can find out instantly, and Freddie Mac has a similar feature on their site as well.  Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of your Orcutt, Nipomo , or Arroyo Grande home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.

Tni LeBlancis an independent Real Estate Broker, Attorney, and Short Sale Agent. She is a Certified Distressed Property Expert (CDPE) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.If you stop paying your mortgage, you could lose your home and damage your credit rating.

Copyright© 2011 Tni LeBlanc *Fannie Mae Owns My Mortgage - Will That Make My Short Sale Easier?*

 
This post has been included in California Real Estate News
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26 Comments on Fannie Mae Owns My Mortgage - Will That Make My Short Sale Easier?

20 Most Recent Comments Displayed Show All

SEP
05
2011
360,461 Points 76 Featured Posts Outside Blog Called Shot Master

Thanks Jen - Yes, many of these deals are purring through.

Thanks for the feature Anna!  Fannie and Wells is a good combination I think!

Rodney - That is good news.  HAFA has been more of an impediment to processing in my experience I will be glad to see a change/improvement.

Joan - You and me both!

Debbie - So awesome!

Kevin - Love it!
11:23pm • #7
SEP
06
2011
589,917 Points 58 Featured Posts Outside Blog Called Shot Master

Hello Tni -- these are certainly some great short sale success stories --- it's always good to hear some positive news!   
12:14am • #8
649,812 Points 69 Featured Posts Outside Blog Attended Rain Camp

Hi Tni - Glad to see you back.  I missed your insightful and funny blogs.  So short sales are still a crap shoot depending upon the servicer.
6:29am • #9
797,178 Points 80 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Tni, great information on Fannie Mae short sales to share with all...I just got approval of one in 32 days from Chase-couldn't believe how great they were...as Santa Maria short sale agents your knowledge and expertise in short sales is a huge plus to your clients and homeowners looking for the right short sale agent.
6:31am • #10
360,461 Points 76 Featured Posts Outside Blog Called Shot Master

Michael - Yes, short sales are getting smoother and smoother.

Hi Conrad - I actually think short sales are getting better! 

Hi Ginny - Congrats on the approval time.  Fannie Mae short sales are running pretty smoothly. 
8:24am • #11
590,110 Points 56 Featured Posts Outside Blog Called Shot Master

Hi Tni, First of All. Welcome, Back! I missed reading your blogs about those Short Sales. This is a very timely post for homeowners looking for options to sell their homes as a Short Sale. I would highly recommend those homeowners in your area to seek you our for your consult and legal advice on Short Sales. You seem to have a great system in place with all the right contacts.

Suggested!!
8:43am • #12
377,851 Points 17 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Tni,

It is encouraging that some banks and Fannie Mae are working to get short sales approved.  They are still a struggle for so many sellers and their agents.

Lisa
9:55am • #13
1 Featured Post Called Shot Master

Tni,   It surely helps all parties when they are able to get their files in order and address the short sale in a timely manor.  Great information here.
5:59pm • #14
215,324 Points 2 Featured Posts Hit Router Called Shot Master

What a great success story.. and the banks are getting better with approving short sale. Many homeowners can rest assured that the Bank is working for them and they can move on and rebuild their lives. I love success stories. thanks for sharing.
8:27pm • #15
309,748 Points 28 Featured Posts Outside Blog Called Shot Master

Very inspiring post. Good to hear from real people that it can be done in such a brief period of time.
9:43pm • #16
1,552,633 Points 277 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

I love the fannie mae streamlined short sales! We have some of those. We also love the old WAMU loans that are qualified for 20,000 back to seller at closing! Love those ones! Freddie Mac is also to deal with but some of their servicers are not. The investor is not always the problem. Most of the time it is the agent who does not know how to negotiate the terms of a short sale or deal with the servicers or the servicers employees who have a bad day:) Katerina 
9:49pm • #17
265,430 Points 1 Featured Post Outside Blog Called Shot Master

I used your link to check and see if Fannie owns my loan that, sadly, is serviced, if serviced is the right word, by BofA.

And, no, I didn't go to BofA for the loan. They bought it. I know better.

But a good link.

Thanks
9:56pm • #18
448,511 Points 27 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

Tni - I've recently had a couple of Fannie Mae short sales that went through fairly quickly and without all of the documentation that is generally required in the short sale package.  It's great to see better cooperation with some banks  in getting these short sales processed and approved. 
11:35pm • #19
SEP
07
2011
193,053 Points 1 Featured Post Attended Rain Camp

Hi Tni, it's been my experience that Fannie Mae short sale processing has been the best overall. On the other hand, Chase is on my list the worst of them all with no Fannie Mae or Freddie Mac.
1:05am • #20
300,008 Points 7 Featured Posts Outside Blog Attended Rain Camp

Hi Tni, Glad to see you back. Did you take a great, long cruise/vacation?         

4:21pm • #21
SEP
08
2011
360,461 Points 76 Featured Posts Outside Blog Called Shot Master

Thanks Jerry, I think your suggestion worked.  My computer went kaput on me but I am trying to get back in gear now.

Scott - Yes, I think Fannie is making a genuine effort to get these through.

Kathleen - I agree a timely response is key.

Thanks Donna - Yes, most short sale sellers just want to move on.

Dave - Yes, it sure can.  Short sales can be as easy or as difficult as the bank/investor wants them to be.

Katerina - Yes, Fannie Mae streamlined are awesome.  Haven't had a WAMU where the client was eligible for $20,000 but that is a fantastic result.

Thanks Jon - BofA is getting better about short sales, although I'm not sure if they are better about anything else.

Donna - I agree.  Short sales do not have to be long and drawn out.

Richard - I agree -- CHASE is one of the worst on non-Fannie or Freddie files.  I think the incentives are there on Fannie/Freddie files for them.  Their regular files are still long and drawn out in my experience.

Sandy - I wish!  My Mac laptop was in the shop.  In fact, it still is -- I broke down and bought an HP.
5:37am • #22
1,913,058 Points 386 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Tni, sounds like they are finally starting to figure it all out.  It's about time.
9:43am • #23
586,663 Points 46 Featured Posts Outside Blog Called Shot Master

Tni,  It is refreshing to hear a positive side to the typical debacle of short sales.  It gives me encouragement as I work with a buyer this week who are considering a short sale purchase.  Thanks for sharing!
10:49am • #24
SEP
09
2011
224,164 Points 21 Featured Posts Outside Blog Attended Rain Camp

Hi Tni. As one of the expert Santa Maria Short Sale Agents, tts great to have some positive news about short sale. Homeowners and homebuyers in Santa Maria that are considering a short sale are recommended to read your blog.
4:17am • #26
OCT
29
1,552,633 Points 277 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Hello Tni, Great job in posting a subject like this. I think this is definitely an essential tips to all short sale agent. Good work here! Continue being the best and hard working Santa Maria short sale agent. I wish you more success!
11:09pm • #27

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Tni LeBlanc, JD, MA, REALTOR®, DRE #01871795

Santa Maria, CA

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Mint Properties, Tni LeBlanc (805) 878-9879

Address: 2880 Santa Maria Way, Suite D8, Santa Maria, CA, 93455

Office Phone: (805) 938-9950

Cell Phone: (805) 878-9879

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The content provided on this website is presented or compiled for your convenience and is provided for informational purposes only. The information provided on this website should not be construed as offering legal, financial or other advice to be relied on by the reader to make or refrain from making any decision or to take any action. The investment, mortgage or financial services or strategies mentioned in and throughout this website may not be suitable for you. Nothing in this blog should be construed as a solicitation of properties currently under contract with another broker. Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. Practice limited to the State of California. Solicitations, negotiations and any resulting agreements are deemed offered and accepted in California and California law to be applied to any contractual matter or otherwise is the state of California, to which all subject matter and personal jurisdiction is exclusively conferred. CA DRE LICENSE #01871795 Photobucket Locations of visitors to this page


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