How long does it take for Fannie Mae to approve a short sale?

How long does it take for Fannie Mae to approve a short sale?

The Negotiation Process Respond to the counter offer via the HomePath for Short Sales Portal within five business days. Take note of any requested adjustments to closing costs and contributions. If any additional information or documentation is requested, please respond quickly to avoid delays.

How does Fannie Mae refer to short sales?

To be eligible for a mortgage loan, Fannie Mae requires borrowers to demonstrate that they have re-established credit following a significant derogatory credit event, such as a foreclosure, bankruptcy, preforeclosure sale (commonly known as a short sale), or deed-in-lieu (DIL) of foreclosure.

How do I contact Fannie Mae about foreclosure?

Contact the Fannie Mae Resource Center , or call 800-2FANNIE (800-232-6643), Option 4, if Fannie Mae owns your mortgage or for more information about a Fannie Mae lender.

How do I contact Fannie Mae?

(800) 232-6643Fannie Mae / Customer service

What does Fannie Mae consider extenuating circumstances?

Fannie Mae defines extenuating circumstances as “nonrecurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.”3 This might include job loss, divorce, illness, or the death of a wage earner.

What is the Fannie Mae waiting period after foreclosure?

The Fannie Mae general foreclosure waiting period is 7 years from deed transfer. But, there are exceptions for documented extenuating circumstances. If there are extenuating circumstances and between 3 – 7 years from foreclosure date, there are additional guidelines.

What lenders work with Fannie Mae?

Arbor Commercial Funding I, LLC. John Caulfield.

Does Fannie Mae still exist?

Fannie Mae has been under the government conservatorship of the Federal Housing Finance Agency (FHFA) since late 2008. It was delisted from the New York and Chicago stock exchanges in mid-2010. Under the agreement, the FHFA financially supports Fannie Mae in certain circumstances in exchange for preferred stock.

Is Fannie Mae a real person?

Fannie Mae, Ginnie Mae, and Freddie Mac. These names may sound like someone’s southern grandparents, but to homebuyers they are much more. In short, Fannie Mae, Ginnie Mae, and Freddie Mac are all government-sponsored mortgage companies.

What is Fannie Mae guidelines for foreclosure?

Summary — All Waiting Period Requirements