Fannie Mae is testing a Short Sale Program

Mortgage giant Fannie Mae is testing a program to pre-approve short sales in Phoenix and Orlando, two of the areas hardest hit by foreclosures. The goal is to expedite the often difficult short-sale process by Fannie Mae agreeing on a sales price for a home on the brink of foreclosure and the loss it will take before a deal is even done. The problem has been that short sales take too long and often don’t go through because an agreement over price can’t be reached with lenders in time.

Fannie Mae’s short-sale program focuses on homes listed to sell for less then the mortgage balance and that are being serviced by Countrywide Financial.

If the program is successful, it will be expanded to other parts of the country.

Posted by Eureka Expert on Jan 26 2009. Filed under Short Sales. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry