Fannie Mae has introduced an expanded HomePath for Short Sales tool to resolve short sales challenges.
The tool, a new short sale escalation process, is open to any real estate professional working on a short sale involving a Fannie Mae-owned loan. Once a case is escalated, Fannie Mae will directly engage with the agent or servicer to address challenges such as valuation disputes, delays by servicers or uncooperative subordinate lien holders. Agents can also use the new escalation process to receive a recommended list price from Fannie Mae prior to listing the property for sale.
‘Our goal is to prevent foreclosures and help stabilize communities,’ says Jay Ryan, vice president for real estate sales at Fannie Mae. ‘By giving agents a straightforward, transparent way to escalate short sale issues to Fannie Mae, we will close more sales, prevent foreclosures and help neighborhoods continue to recover. Getting short sales done benefits everyone involved and we're committed to doing our part.’