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Investor Report: Fannie Mae and Short Sales

Posted by dave_donhoff (dwdonhoff@hotmail.com) on
Tue, Jul 15, 08 at 18:51

Investor Report: Fannie Mae and Short Sales
by Kenneth R. Harney

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<_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.
<_/snip_>

Cheers,
Dave Donhoff
Leverage Planner

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


Follow-Up Postings:

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RE: Investor Report: Fannie Mae and Short Sales

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?


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RE: Investor Report: Fannie Mae and Short Sales

"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.


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RE: Investor Report: Fannie Mae and Short Sales

stopmfo.com

Here is a link that might be useful: foreclosure help


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RE: Investor Report: Fannie Mae and Short Sales

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


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RE: Investor Report: Fannie Mae and Short Sales

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


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