Bellevue WA – Another agent recently e-mailed the Stop Foreclosure Insitute. They were having a hard time with a short sale on a Fannie Mae Loan.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is an excerpt from the agent’s e-mail.
“I spoke with Josh @ Fannie Mae. He said that once there is a foreclosure sale, per an agreement with the lender, Fannie Mae would pay the lender the full balance of the note.
I started to comment that what incentive is there for the lender to process a short sale. He said I know where you’re going with that and we couldn’t comment.
It appears that the title would be transferred to Fannie Mae and the lender would be reimbursed for the FULL balance of the note. This is crazy! When Fannie Mae is the investor, it seems a JOKE to bother with the short sale!!
My Comments: Fannie Mae short sales are the best and easiest short sales to get approved. This is because Fannie is one of the most reasonable loan owners out there.
The problem is that no one at the lenders really cares. The reason the lender is getting paid off completely is because they already sold the loan to Fannie.
Remember, Fannie was created to free up lender’s money. That way lenders could go make more loans. The problem is that Fannie has entrusted their investment to these lenders. Let me explain.
Here is how I see it. Click here to continue reading.