Investor Report: Fannie Mae and Short Sales

dave_donhoffJuly 15, 2008

Investor Report: Fannie Mae and Short Sales

by Kenneth R. Harney

Read Thread

Read Thread

<_snip_>
Here's some good news for investors interested in 'short sales' -- that's where home owners who can't afford their mortgages sell their houses at substantial discounts, often below what they owe on the loan.

Fannie Mae, the single biggest player in the American mortgage market, plans to crank up the pace of short sales on properties in its bulging portfolio. Fannie intends to 'streamline' procedures to enable pre-foreclosure sales to speed through what is currently an extended, and often complicated, process.

Fannie says it plans to 'pre-approve' certain short sales--a major change from current practices--and wants to provide higher commission incentives to realty agents who can connect sellers with qualified buyers.

<_>

Cheers,

Dave Donhoff

Leverage Planner

Here is a link that might be useful: Investor Report: Fannie Mae and Short Sales (Video too)

Thank you for reporting this comment. Undo
marys1000

I'm not sure how this works. if you got a mortgage at Wells Fargo, and it was bundled and sold....and you want to sell short sale......whoever the mortgage was bundled and sold to and now owns the loan goes to Fannie Mae or Freddie Mac to get approval?
And who's going to make the difference up on the loans?

    Bookmark   July 16, 2008 at 5:27AM
Thank you for reporting this comment. Undo
brickeyee

"I'm not sure how this works. if you got a mortgage at Wells Fargo, and it was bundled and sold....and you want to sell short sale......whoever the mortgage was bundled and sold to and now owns the loan goes to Fannie Mae or Freddie Mac to get approval?"

This would ONLY apply to loans owned by Freddie & Fannie.

Wells Fargo is unlikely to have bundled the loan and sold bonds.

"And who's going to make the difference up on the loans?"

Freddie and Fannie.
That is what 'reserves' are for.
The note holder is out the money.

Note that as Duetchebank found out, owning a BOND does NOT mean you own the NOTE behind the bond.
The bond ISSUER owns the note, a bond holder owns a part of the bond issuer.

    Bookmark   July 16, 2008 at 8:11AM
Thank you for reporting this comment. Undo
juan7073199222

stopmfo.com

Here is a link that might be useful: foreclosure help

    Bookmark   December 1, 2008 at 7:33PM
Thank you for reporting this comment. Undo
jrdown

Hey Juan ~

I see that you just signed up today. Business slow at your work? Is the 707-319-9222 part of your name actually your work number in North Coastal California?

I'd rather you speak with some persoanal authority rather than give us a link to an animated character.

Robyn

    Bookmark   December 1, 2008 at 9:32PM
Thank you for reporting this comment. Undo
logic

FYI, our mortgage "servicer" is Citigroup. In speaking with them recently, we were told our mortgage is owned by Fannie Mae.

    Bookmark   December 2, 2008 at 10:34AM
Sign Up to comment
More Discussions
1031 Reverse question
We already purchased an investment property and are...
Patience Spina
An offer to purchase when house not on the market
This has not happened yet, but I want to be prepared. Our...
belfastbound
Emotional rollercoaster of home selling
Lately, this process of having my condo up for sale...
Acco
Verbal offers suddenly surface
Too much drama. We put offer on house number one, house...
Randy Ritchie
Did you change the locks out when moving into new home?
Did you change the locks on the exterior doors or have...
tlbean2004
Sponsored Products
Patriot Mosquito Magnet Insect Trap
$349.00 | FRONTGATE
Orange22 | Albero Low Table
YLiving.com
Vintage Bluebird Bird House
Signature Hardware
Bruck | V/A Track Kit 26 with Calo Spot
$506.25 | YLighting
Crystals Black Shade Satin Steel Floor Lamp
Lamps Plus
HBNW12 Kit HBLED Undercab 12 inch neutral white kit
EnvironmentalLights.com
Adan Desk Lamp
Cost Plus World Market
Safavieh Green/ Beige Indoor Outdoor Rug
Overstock.com
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™