Today on TucsonShortSaleNegotiator.com I wanted to talk to you about Fannie Mae and Freddie Mac short sales. Fannie Mae is the largest owner or investor of mortgages in the country; I’m unsure of what the percentage is that they own, but I can tell you that it is extremely high. Freddie Mac is the second largest owner or investor of mortgages in the country. If your loan is owned by either of these and you’re considering a short sale, it doesn’t matter who your lender is, Fannie Mae or Freddie Mac have very distinct processes for their short sales. Again, it doesn’t matter who your lender or your servicer is, but they are supposed to follow these processes to get the short sale done.
One of the big things in success or failure with your short sale is that you need to hire an agent that understands how to figure out if it’s a Fannie Mae or Freddie Mac loan and how to work with them. While the short sale information might be going to Bank of America, for example, if it’s a Freddie Mac or Fannie Mae loan, there are just certain requirements that Bank of America has to follow. Going into the short sale with your eyes wide open and knowing how to deal with them will reduce the amount of time it takes to get your short sale approved; your chances of getting short sale approval go way up.
We typically have over a 90% approval rating on our short sales and there’s a reason for that. We’ve learned how these lenders and investors work; we’ve worked with them in the most efficient manner possible so that they can get the short sale done for you. If you have a Fannie Mae or Freddie Mac loan and have questions about getting a short sale done with them, please pick up the phone and give us a call.