Dear Short Sale Expeditor®:
I’ve read that Fannie Mae and Freddie Mac will be changing their short sale process in just a few weeks. That’s great. But, how do I know if my client’s mortgage is owned by Fannie Mae or Freddie Mac? –Awesome Agent from Alta Dena*
Dear Awesome Agent from Alta Dena:
You are correct that Fannie Mae and Freddie Mac will be streamlining their short sale guidelines very soon. In fact, these new guidelines may have a really strong impact on an agent’s ability to get a short sale completed in less than 4 months. 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 benefits to distressed borrowers that are considering a short sale.
If you have any further questions, please do not hesitate to let us know. –Short Sale Expeditor®