Submitting "highest and best" accepted contract to the servicer or to Fannie Mae (if applicable). Marketing the property to receive the highest exposure for the listing. Requesting list price guidance and listing the property as "Active" in the MLS based on the listing price guidance.
Working with homeowner to gather and submit all required documents. It also requires the approval of the mortgage company and all involved stakeholders.īe informed about the benefits and consequences of a short sale.Īssisting homeowner in determining who owns their loan.Ĭontacting the mortgage servicer to express the homeowner's interested in pursuing a short sale.
This real estate transaction is not just between you and the buyer. Any delays in homeowner response or inability to gain access to the property will delay receipt of a recommended list price from your mortgage servicer.īe patient and realize that selling your home as a short sale will most likely take longer than a typical real estate transaction. Provide access to the property for an interior valuation if required. Keep your real estate agent informed of all communication relevant to the short sale, including information from your mortgage servicer, courts, etc.
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To obtain a recommended list price and assistance throughout the marketing process, have your agent submit a List Price Guidance Request in HomePath.Īs part of this process, an appraiser and a real estate professional will visit your home and assess its value.Īuthorize the release of information about your loan and other relevant information to your real estate agent by signing the Fannie Mae Homeowner Authorization form. This can include:Ĭontact a licensed real estate agent who is experienced in short sale transactions and explain that you are interested in listing your home for sale. You may be asked to provide information to support your hardship. and your income details (paystubs and income tax returns)Įxplain your current situation (i.e., why you are having trouble making your mortgage payment or why you anticipate having problems making your payments in the near future).other monthly debt payments (e.g., car or student loans, credit card payments).mortgage statements, including information on a second mortgage (if applicable).If required, gather your financial and loan information and be prepared to share: Go to /loanlookup to confirm that Fannie Mae owns your loan.Ĭontact your mortgage servicer or a Fannie Mae Mortgage Help Center immediately and tell them you are interested in a short sale and want to see if you qualify and determine what, if any financial information you may need to prepare. If you decide that a Short Sale might be the best option for you, there are some critical steps you should take: May be able to get another Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (up to 7 years).Sooner than if you went through a foreclosure. Assistance for relocation may be available up to $3,000.In addition to avoiding foreclosure, short sale benefits include:
The servicer on who is eligible for a short sale, the property listing price, and acceptable contract terms and closing costs. collects your mortgage payments) to communicate with you throughout the short sale process. If Fannie Mae is the first lien holder, we work with the mortgage company that services If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance A short sale is the sale of a home for less than the balance remaining on your mortgage.
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