Short Sale SellersFannie Mae Expedites Short Sale of Homes Through Program
The Fannie Mae is testing a program to pre-approve short sales in a couple of areas: Phoenix and Orlando, which are the two hardest hit cities. The goal by Fannie Mae is to expedite the short sale process.
The short sale process can allow homeowners an option out of a mortgage they can no longer afford. The short sale deal must be approved by the lender, and usually the remaining debt is forgiven by the lender.
Foreclosures have soared in many parts of the country. Due to the length of time to complete a short sale and the number of short sales out there, it has caused somewhat of a slow down with some banks.
Fannie Mae’s new short sale program focuses on homes listed to sell for less than the mortgage balance and are being serviced by Countrywide Financial Mortgage.
If the program works, it will be expanded to other part of the country.