Fannie Mae: New 'HomePath' to Speed Up Short-Sale Disputes

Fannie Mae: New 'HomePath' to Speed Up Short-Sale DisputesFannie Mae has introduced an expanded “HomePath for Short Sales”  option for real estate professionals to resolve short sale challenges and speed up the process.
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.
Agents can also use the new escalation process to receive a recommended list price from Fannie Mae prior to listing the property for sale.
“Our goal is to prevent foreclosures and help stabilize communities,” said Jay Ryan, vice president for real estate sales, Fannie Mae.  “By giving agents a straightforward, transparent way to escalate short sale issues to Fannie Mae, we will close more sales, prevent foreclosures and help neighborhoods continue to recover.  Getting short sales done benefits everyone involved and we’re committed to doing our part.”
Real estate professionals across the country have already begun using the HomePath for Short Sales escalation tool to resolve challenging short sale issues.
“I was working on a short sale recently with a servicer who was not being responsive, so I used the HomePath for Short Sales site to escalate the case to Fannie Mae,” said Kelby Teer, a real estate professional with HomeSmart in Phoenix, AZ.  “I heard back very quickly and within two days the sale was approved.  My clients will now be able to avoid foreclosure.”
Real estate professionals can visit www.homepathforshortsales.com for information on Fannie Mae’s short sale process, and www.homepathforshortsales.com/hpshortsaleinquiry.html to raise an issue on a particular short sale with Fannie Mae directly.

Leave a Reply

Your email address will not be published. Required fields are marked *