How a Columbus Short Sale works on a loan owned by Fannie Mae

Columbus OH – Fannie Mae stands for Federal National Mortgage Association. Fannie Mae is a quasi-government enterprise that was created to buy mortgages from banks, thereby allowing them to make more loans.

Short Sales on a Fannie Mae owned loan are much simpler than other short sales. Around half of all US mortgages are owned by Fannie Mae or Freddie Mac.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/

That means the company you have been mailing your mortgage payment to does not actually own your loans. You might mail your check to Bank of America, Wells Fargo, or Chase.

But, they act as a “Servicer” on behalf of Fannie Mae. Fortunately for most homeowners, Fannie Mae does not pursue deficiencies or promissory notes.

The only exceptions are if it were a strategic default or the loan has Mortgage Insurance. Even in these cases, you can usually avoid a deficiency judgment.

A Fannie Mae short sale has to be approved by Fannie Mae. That means you will send all your paperwork to your lender. They will process your paperwork and then send the final paperwork to Fannie Mae for final approval.

In some cases, the lender will be “delegated.” This means that Fannie Mae has “delegated” the authority to make decisions on the short sale to the lender.

Fannie Mae is fairly reasonable with their short sale process. Unlike certain lenders, they don’t demand more than is reasonable. They adjust their policies from state to state to make the process easier.

In addition, they have a great policy for negotiating with second mortgages. Short sales with two mortgages can be very tough. The first and second mortgages fight over the available funds.

This usually throws a wrench in the short sale negotiations. The second will get zero in a foreclosure. But, the first is willing to give the second something because a foreclosure costs them money.

However, the second wants more than the first is willing to give. Fannie Mae has gotten rid of all the issues with a straight forward second mortgage policy.

They pay $3,000 to the second mortgage, regardless of what they are owed. This streamlines the process and makes everyone happy. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at robin.lemmons@kingthompson.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.  http://columbusohshortsaleadvisors.com/

Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.  http://columbusohshortsaleadvisors.com/

Thanks for reading this, Robin Lemmons.

Rick & Robin Lemmons is a Real Estate Team at Coldwell Banker King Thompson.

Phone: 614-741-2495

Email: robin.lemmons@kingthompson.com

A Zest For The Best

View My homes for sale at www.rickandrobin.com.

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Important Notice

Rick & Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.

This information on How a Columbus Short Sale works on a loan owned by Fannie Mae is provided as a courtesy to our viewers to help them make informed decisions.