Fannie Mae stands for Federal National Mortgage Association.
Fannie Mae is a quasi-government enterprise that was created to buy mortgages
from banks, thereby allowing them to make more loans.
Short Sales on a Fannie Mae owned loan are much simpler than other short sales. Around half of all US mortgages are owned by Fannie Mae or Freddie Mac.
Clickhere to discover how other sellers successfully did a short sale and avoided foreclosure.
That means the company you have been mailing your mortgage payment to does not actually own your loans. You might mail your check to Bank of America, Wells Fargo, or Chase.
But, they act as a “Servicer” on behalf of Fannie Mae. Fortunately for most homeowners, Fannie Mae does not pursue deficiencies or promissory notes.
The only exceptions are if it were a strategic default or the loan has Mortgage Insurance. Even in these cases, you can usually avoid a deficiency judgment.
A Fannie Mae short sale has to be approved by Fannie Mae. That means you will send all your paperwork to your lender. They will process your paperwork and then send the final paperwork to Fannie Mae for final approval.
In some cases, the lender will be “delegated.” This means that Fannie Mae has “delegated” the authority to make decisions on the short sale to the lender.
Short Sales on a Fannie Mae owned loan are much simpler than other short sales. Around half of all US mortgages are owned by Fannie Mae or Freddie Mac.
Clickhere to discover how other sellers successfully did a short sale and avoided foreclosure.
That means the company you have been mailing your mortgage payment to does not actually own your loans. You might mail your check to Bank of America, Wells Fargo, or Chase.
But, they act as a “Servicer” on behalf of Fannie Mae. Fortunately for most homeowners, Fannie Mae does not pursue deficiencies or promissory notes.
The only exceptions are if it were a strategic default or the loan has Mortgage Insurance. Even in these cases, you can usually avoid a deficiency judgment.
A Fannie Mae short sale has to be approved by Fannie Mae. That means you will send all your paperwork to your lender. They will process your paperwork and then send the final paperwork to Fannie Mae for final approval.
In some cases, the lender will be “delegated.” This means that Fannie Mae has “delegated” the authority to make decisions on the short sale to the lender.
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