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Fannie Mae wants to help with your short sale.

Fannie Mae has recently developed a program called the Short Sale Assistance Desk (“Assistance Desk”) to assist real estate professionals in handling their short sale issues. This new program works in cooperation with the Multiple Listing Services (MLSs) across the nation. As of last week, The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) announced their partnership with Fannie Mae on an effort designed to help REALTORS® quickly resolve issues that may arise after a short sale offer is made on a Fannie Mae-backed loan.

Currently our local MLS, Sandicor, does not have this option available to members.

After a direct call  to a representative at SDAR last week and once again yesterday, we were just advised that after additional research, Sandicor had just received the contract on Sunday April 3rd from the California Association of Realtors. This contract will allow them to move forward in the process allowing this option to be available for participants of the Sandicor MLS.

We were advised that the form and details of the program will most likely be shared in the next couple of weeks through Tempo. They will share this information under the Smart Links sidebar and they will also make announcements on SDAR website.

The Fannie Mae Short Sale “Assistance Desk” help is available free of charge to all C.A.R. members through California MLS’s.

“This initiative complements our overall efforts to encourage troubled borrowers to pursue alternatives to foreclosure,” said Fannie Mae vice president, Marcel Bryar.  “We expect real estate professionals to first make a reasonable effort to resolve issues by working through the servicer, but the Assistance Desk staff will help in the event the servicer has not provided an initial response within 20 days, a final property valuation within 30 days, or a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date,” said Bryar.

Eligibility Criteria

  • Property must have a first-lien loan owned by Fannie Mae.
  • Only post-offer issues can be submitted. The servicer must be in receipt of a valid offer for the property.
  • Real estate professional must be a member of a participating MLS.
  • Real estate professional must be the listing agent for the property.
  • Real estate professional must obtain a signed Borrower Authorization Form (BAF) from the homeowner(s) and submit it to the MLS.

https://www.efanniemae.com/is/reprofessionals/pdf/ssadfaqs.pdf

Stay tuned for more details!!!

Short Sale Experts, Inc. Is San Diego based Loss Mitigation Company that helps homeowners and real estate professional’s process and expedite the short sale process. They have help 100’s of families avoid foreclosure and start fresh.

Important Notice: Short Sale Experts, Inc, 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.

 

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Short Sale Expert

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925 B Street Suite 102
San Diego, CA 92101

Phone: 1-888-746-7820
info@ShortSaleExpert.com