New Assistance Program to Expedite Short Sales
Great news for short sale agents and brokers! The California Association of Realtors, in partnership with Fannie Mae, have set up an “assistance desk” for short sale specialists and buyers dealing with loans that are backed by Fannie Mae.
“The Fannie Mae Short Sale Assistance Desk (“Assistance Desk”) provides brokers and agents the ability to significantly shorten the time they have to wait for approval on Fannie Mae short sale transactions and helps real estate professionals with the handling of post-contract issues such as loan servicer responsiveness, the existence of a second lien or issues involving mortgage insurance”.
Participating MLSs will provide a special form pecifically for the purpose of submitting to Fannie Mae, and in the process, expedite the entire process of a short sale transaction. Fannie Mae will also have access to important data from the participating MLS s, that will in the long run aid lenders in the approval process. The Assistance Desk claims that submissions will be reviewed within one week and then the real estate agent who submitted the claim will be notified.
The hope is to better help troubled borrowers by making alternative options more feasible. However, the property must have a first-lien owned by Fannie Mae in able to access the Assistance Desk. Furthermore, CAR’s vice president, Marcel Bryar, urges that all real estate professionals handling short sale transactions first work “through the servicer, but the Assistance Desk staff will help in the event the servicer has not provided an initial response within 20 days, a final property valuation within 30 days, or a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date”.
The Assistance Desk will be free of charge to any CAR members and those using a California MSL with all of the correct requirements.
Courtesy of CAR.org
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