Fannie Mae Announces Expansion of HomePath for Short Sales Website

Fannie Mae (FNMA/OTC) today announced the expansion of the HomePath® for Short Sales website, a communication tool created to help real estate professionals efficiently complete short sales and resolve challenges directly with Fannie Mae.  The new functionality will allow agents to contact Fannie Mae sooner in the short sale process and preempt potential challenges, decreasing the need to escalate concerns further down the road. The website is open to any real estate professional working on a short sale involving a Fannie Mae-owned loan.

Through the expanded HomePath Short Sale Portal, listing agents can work directly with Fannie Mae to:

  • Request list price guidance prior to listing a property
  • View the status of submitted cases
  • Negotiate and receive first lien approval on a short sale directly from Fannie Mae (This feature will be rolled out over the next few months through individual servicers.)

“This is an important step in continuing to build a strong relationship with the real estate community, which will ultimately contribute to the stabilization of neighborhoods,” said Tim McCallum, Vice President for Short Sales, Fannie Mae. “Allowing real estate professionals to negotiate an offer directly with Fannie Mae is the next step in streamlining the short sale process. Our goal is to provide transparency throughout these transactions and arrive at an agreement that benefits all parties involved.”

Source http://www.fanniemae.com/portal/about-us/media/corporate-news/2014/6126.html

Banks Turning to Deeds-in-Lieu of Foreclosure?

Short sales and loan modifications have grown , but banks are also turning to deeds-in-lieu of foreclosure more too. 20,000+ deeds-in-lieu of foreclosure occurred nationwide in 2012,  up nearly 40 percent from 2011, according to RealtyTrac.

For example, deeds in lieu of foreclosure skyrocketed 76 percent year-over-year in California, 53 percent in Nevada, and 49 percent in Florida.

Deeds-in-lieu of foreclosure permit a lender to take  a home without having to undergo the foreclosure process. The home owner is allowed to leave their mortgage debt and avoid foreclosure by turning over the home to the bank. Often times, a deed- in-lieu of foreclosure offers “cash for keys,” providing a cash payment to the distressed home owner in order for them to vacate the home, without letting the home fall into foreclosure.

Source: “Deeds in Lieu of Foreclosure: Naughty or Nice?” Forbes (April 23, 2013)

New California Short Sales website!

CALIFORNIA ASSOCIATION OF REALTORS® has launched a California Short Sales website which provides resources, news, and tips to keep REALTORS® and consumers up to date on the short sale process.  As a REALTORS®, I can access legal Q&As, informational short sale webinars, review suggested short sale publications, and find links to related content that may be helpful handling a short sale. 

If you’re working with a short sale situation, go to the “Consumer Section”, which is geared for distressed home owners and provides helpful information and tips if they are on the brink of losing their home. 

Visit the home page for your options at: http://www.shortsalescalifornia.org/

Other articles relating to the Sacramento and Placerville, California regions at: www.sierraproperties.com

 

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