New program set to help expedite the short sale process:
Re: Fannie Mae-owned loans
According to Jay Ryan, Fannie’s vice president, it creates a short cut for real estate agents for real estate sales, “By giving agents a straightforward, transparent way to escalate short sale issues to Fannie” is expected to help close more sales, prevent foreclosures and stabilize neighborhoods.
The new tool follows up on other taken steps to reduce short sale timelines, Fannie said, including expanding eligibility for short sales and prohibiting servicers from reducing an agent’s commission.
Fannie said it “will directly engage” with real estate agents or servicers to address new short sale escalation process challenges, such as “valuation disputes, delays by servicers or uncooperative subordinate lien holders.”
Fannie said it is open to assist any real estate professional working on a new short sale escalation process related to a Fannie owned loan. Realtors can use the HomePath to receive a recommended list price from Fannie prior to listing the property for sale.
The HomePath for Short Sales escalation tool has been received well by real estate professionals across the country who have already started use it to resolve challenging short sale issues, Fannie said.
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