Fannie Mae Now offering a Short Sale Escalation Tool
I read an article last week that stated Fannie Mae is now offering a way for real estate professionals and short sale specialists working on short sales to be able to communicate directly with them when they run into issues. This is now replacing the SSAD (Short Sale Assistance Desk).
From what I have read the new short-sale escalation process is an extension of Fannie Mae’s HomePath for Short Sales tool and is open to those working on a short sale involving a loan owned by Fannie Mae.
This HomePath tool was created to resolve short sale challenges. Once a case is escalated, Fannie Mae will directly work with the agent or servicer to address these issues such as valuation disputes, delays by servicers or uncooperative subordinate lien holders.
Agents can also use the new escalation process to receive a suggested list price from Fannie Mae prior to listing the property for sale.
“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,” said Jay Ryan, Vice President for Real Estate Sales at Fannie Mae, in a statement.