Short Sale Negotiations with a Fannie Mae Loan
In the past few months I have written several posts on my experiences with short sale negotiation on a Fannie Mae Loan. I have reported about the latest trends in these short sale negotiations based on my experiences with the short sale negotiations at my third party short sale negotiation company.
Today I had one of those “I told you so” moments when I was scooting around dsnews. I feel like one of those mothers whose child cannot find a certain book or a particular pair of pants. The child looks for “hours” and cannot find the item anywhere—even after Mom has said, “It’s in your closet.” Then, Mom goes in and finds the item in no less than 5 seconds: one of those “I told you so” (or “You should have listened to me”) moments.
This moment, however, is bittersweet. It is bittersweet because it has to do with short sale negotiations on Fannie Mae Mortgages and the fact that Fannie Mae does not want to postpone Trustee’s Sales (foreclosures) in order to entertain a short sale transaction. However, this moment had to do with information that I reported to you in July (and I do not have a crystal ball or a bat phone).
According to dsnews, Fannie Mae issued a notice last week in which they state that they will penalize mortgage servicers who allow delinquent mortgages to “languish too long”. The tone of Fannie Mae’s notice indicates that they want those delinquent mortgages off the books as soon as possible.
A few years back, delinquent sellers with forthcoming foreclosures were able to swing small deals with their mortgage servicers and make a payment or initiate a loan modification at the eleventh hour in order to delay foreclosure proceedings. In several of my blog posts reporting on the latest trends in short sale negotiation of Fannie Mae loans, I have reported that those days seem to be long gone.
Any borrower or homeowner who is considering selling the home in a short sale absolutely cannot wait until the last minute. Fannie Mae’s latest notice shows what could happen due to a homeowner’s inaction on a Fannie Mae short sale.
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