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Reno Nevada Short Sales ~ Fannie Mae Introduces Short Sale Help Desk For Northern Nevada Home Sellers

~Reno Nevada Short Sales ~
 Fannie Mae Introduces Short Sale Help Desk For Northern Nevada Home Sellers

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Short Sale assistance has arrived for Reno and Sparks Nevada homeowners! Fannie Mae has teamed up with Northern Nevada's Regional Multiple Listing Service (NNRMLS) to help distressed homeowners sell their homes via a short sale more quickly. Our  NNRMLS is the first in the U.S to adopt this type of program program.

The short sale assistance desk that Fannie Mae created is intended to help real estate agents resolve issues and concerns that often times arise in the short sale process.

 The program is suppose to help agents who are having difficulty getting short sale approval from the borrowers lender in a timely manner. If there is the hold up with the servicer, the real estate agent  can ask for assistance from Fannie Mae. Fannie Mae will contact the servicer to find out what is holding up the approval.

To be eligible for Fannie Mae Short Sale Assistance:

  • The first lien must be owned b Fannie Mae
  • The borrowers servicer must be in receipt of a valid offer
  • The property must be listed by a licensed Nevada real estate agent who is a member of the NNRMLS
  • The listing agent must have a signed authorization letter from the borrower

Who is Fannie Mae?

Clip Art hand house

 Fannie Mae was originally formed in 1938 to help supply liquidity to the mortgage market. Since 1968, it has been a private corporation. Fannie Mae's purpose is to provide stability and affordability to U.S. housing and mortgage markets.

Fannie Mae home loans are not made directly to borrowers. Fannie Mae takes loans from banks and repackages them as mortgage-backed securities. Those securities are sold to investors and Fannie Mae guarantees the loans will be repaid.

Fannie Mae probably owns the majority of  all U.S. delinquent home loans and they have lost credibly of being able to guarantee their loans will be paid back. If Fannie Mae is no longer able to buy loans, banks may stop making new loans which would in result in a freeze in the housing market.

Why Does Fannie Mae want to help with the short sale process?

My guess....

  • If distressed homeowners are able to short sale and not foreclose on their home, they might be in a better position to purchase again in the near future
  • Fannie Mae believes it is in their best interest to help find a way out of the current housing crisis

Why I think the Fannie Mae Short Sale Help Desk is a good opportunity for Reno home owners:

 

  •  Many possible sales have been lost because the buyer tires of waiting to find out if their offer is accepted or not. With the help of Fannie Mae, Reno Realtors now have a way to prevent buyers from walking away.
  •  The Fannie Mae Short Sale Help Desk is also a great incentive to offer to  distressed homeowners. You can hire an agent with Short Sale experience and knowledge and still wait longer than expected for the sale to close. By having a department that is ready and willing to help move this process along, homeowners can place more confidence in the short sale process and decide to short sale and not foreclose.Fannie Mae was originally formed in 1938 to help supply liquidity to the mortgage market. Since 1968, it has been a private corporation.
  • Our Northern Nevada residents and neighborhoods benefit by having fewer foreclosures and abandoned homes bringing down sales prices.

Does Fannie Mae own your mortgage? 

 Easily find out by providing your address, unit number, city, state and zip code to the Fannie Mae Loan Look Up site. Borrowers can quickly find out if their  mortage is owned by Fannie Mae.

 Northern Nevada real estate professionals can easily find out if your loan is a Fannie Mae loan quickly and easily with the help of the assistance desk. If you don't have Northern Nevada Real Estate agent, feel free to call me, Terrie Leighton, at 775-846-5424 to find out if your loan is with Fannie Mae.

~Reno Nevada Short Sales ~
 Fannie Mae Introduces Short Sale Help Desk For Northern Nevada Home Sellers

 

__________________________________________________________________________________________________

REALTOR®

Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
NAR's Green Disignation ~ Certified Green
Certifed Negotiation Expert (CNE)

Ferrari-Lund Real Estate

775.846.5424

 

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4 commentsTerrie Leighton • April 11 2011 12:59AM
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~Reno Nevada Short Sales ~ Fannie Mae Introduces Short Sale Help Desk For Northern Nevada Home Sellers Short Sale assistance has arrived for Reno and Sparks Nevada homeowners! Fannie Mae has teamed up with Northern Nevada's Regional Multiple… more