I’ve read that Fannie Mae and Freddie Mac are changing things all this time–not only with respect to short sales, but also in their guidelines for when short sale sellers can purchase again. That’s all well and good, but, how do I know if my client’s mortgage is owned by Fannie Mae or Freddie Mac? –Curious in California*
Dear Curious in California:
You are correct that Fannie Mae and Freddie Mac have some different guidlines with respect to short sales. You are also correct that now short sale sellers will have to wait four years before they can purchase again with Fannie Mae or Freddie Mac backed mortgages. But, as you suggest in your question, this only applies to loans owned by Fannie Mae and Freddie Mac.
In order to determine whether your client’s loan is owned by Fannie Mae or Freddie Mac, you need to use the loan lookup tools on the Fannie Mae and Freddie Mac websites.
All you have to do is to fill in all of the information in the loan lookup tool, and the tool will tell you whether the loan is a ‘match’ for Fannie Mae or Freddie Mac.
Remember that even if the loan is not owned by Fannie Mae or Freddie Mac, there are still many opportunities for short sales and also other programs in which a short sale sellers can purchase again in less than four years.
If you have any further questions, please do not hesitate to let us know. –Short Sale Expeditor®