SPEED: Fannie Mae will directly approve short sales

Merely run DU to obtain your Approved-Eligible (or in certain circumstances. mortgage insurers, and aggregators direct access to the latest appraisal information. fannie mae reduced its standard.

How long after a bank approved "short sale" can you get a mortgage, assuming you. Our services are fast and reliable, loans are approved within 72 hours of. fannie mae states that you can buy a new home immediately,

A short sale may take up to 120 days, but this could be shorter or longer depending upon your specific situation. If you are unable to sell your home, you may be able to transfer the ownership of your property to the owner of your mortgage (also called a Mortgage Release or Deed-in-Lieu of Foreclosure).

In addition, over the next few months Fannie Mae will roll out the ability to negotiate and receive first lien approval on a short sale directly from Fannie Mae. That capability will be introduced.

The tool is available to any real estate professional working on a short sale involving a Fannie Mae-owned loan. Once a short-sale case is escalated, Fannie Mae will contact an agent or servicer to resolve challenges, such as valuation disputes, delays by servicers or uncooperative subordinate lien holders.

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Report possible fraud directly to Fannie Mae at Mortgage Fraud Tips.You may also call our Fraud Tips Hotline at 1-800-2FANNIE (1-800-232-6643) to report possible fraud or if you have other concerns relating to a Fannie Mae-owned property.

Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale. Previously, second lien holders could slow down the short sale process by negotiating for higher amounts.

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Once a notice of default has been filed, Fannie Mae has said it will not stop the foreclosure process while it is considering a short sale. If the short sale cannot be finalized prior to the auction date, Fannie Mae will foreclose — even if the reason the short sale is not approved is due to delays at Fannie Mae.

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