These restrictions shall run with the land are not personal to the Grantee. Note: If a short sale falls into either of the following categories and the purchaser requests a waiver of the deed restriction requirement, the servicer must submit its recommendation to Fannie Mae for prior written approval:. Within 48 hours of the short sale transaction closing, the servicer must review the settlement statement to validate compliance with this Guide and for accuracy, including the following items:.
The servicer must see F, Mortgage Insurer Delegations for Workout Options for the list of mortgage insurers from which Fannie Mae has obtained delegation of authority on behalf of all servicers, which allows the servicer to process a Fannie Mae short sale in accordance with this Guide without obtaining separate mortgage insurer approval at the company or loan level.
For mortgage insurers from which Fannie Mae has not obtained delegation of authority, the servicer must, once it has obtained the property valuation, contact the mortgage insurer to discuss the possibility of pursuing a short sale and must not agree to a short sale unless the mortgage insurer agrees in writing to the following:. In discussing the possibility of a short sale with the mortgage insurer, the servicer must keep in mind the conditions under which Fannie Mae will accept a short sale.
The servicer must file a primary MI claim on all conventional first lien mortgage loans on which Fannie Mae bears the risk of loss and is insured under a master primary MI policy with the exception of RMIC.
Try Ask Poli. Single Family. Servicing Guide Published October 13, For best results, pose your search like a question. Guide Resources For a comprehensive list of resources such as forms, announcements, lender letters, notices and more. Advise the borrower of the advantages and disadvantages of agreeing to a short sale.
Adhere to the time frames for evaluating the short sale and closing the short sale transaction. Review each sales contract in detail to verify that the terms comply with this Guide. Review the settlement statement prior to the short sale closing for proper transfer of title. Ensure the sales proceeds are received on a timely basis. He or she will remain responsible for maintenance of the property until it is sold and the settlement has occurred. In the event the borrower cannot maintain the property and the property is vacant or abandoned on a delinquent mortgage loan, the servicer must maintain the property in accordance with the Property Preservation Matrix and Reference Guide.
Evaluating a Borrower to Determine Eligibility for a Fannie Mae Short Sale The following table provides the requirements for evaluating the borrower to determine eligibility for a Fannie Mae short sale based on the delinquency status of the mortgage loan at the time of the evaluation.
If the mortgage loan delinquency status at the time of evaluation is Then the servicer must evaluate the borrower for a Fannie Mae short sale Obtaining a Property Valuation If the borrower expresses interest in a short sale and the servicer determines that the borrower meets the eligibility criteria for a Fannie Mae short sale as stated above, it must place a property valuation order directly with Fannie Mae to determine the market value of the property securing the mortgage loan.
Listing the Property and Evaluating a Short Sale Listing the Property: The following table provides the servicing requirements for initial engagement with a real estate agent depending on whether or not the property is already listed.
If the property Then the servicer He holds a master's degree in management and a bachelor's degree in interdisciplinary studies. By Tony Guerra. Related Articles. HomePath Purchasing Fannie Mae is not a lender but a purchaser of mortgages originated by lenders that meet its lending guidelines.
Financing Assistance As Fannie notes, certain states and municipalities offer down payment and financing assistance programs. Borrower Financing Fannie-approved HomePath lenders may be concerned about a borrower's credit and ability to pay.
Check These 5 Problems First. Closing costs are paid according to the terms of the purchase contract made between the buyer and seller. Usually the buyer pays for most of the closing costs, but there are instances when the seller may have to pay some fees at closing too.
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Get help. Password recovery. Home English Does Fannie Mae accept contingent offers? English General Lifestyle. Beside this, Will Fannie Mae accept low offers? Also Read Does Rodan and Fields actually work? Also Read What else can I deep fry? We have extensive experience with Homepath and other foreclosures as agents and as buyers. We would be happy to assist you in placing an offer and guide you through the process. KassandraWe have successfully purchased HomePath properties and represented several buyers in purchases.
They can be great fro first time buyers as the first look period gives preference to owner occupants and they take into account status as a first time buyer. Often the properties sell at or above ask price but that is dependent upon market for the individual property location.
We would be happy to assist you with an offer on this property. HomePath is not difficult and we are registered agents on the HomePath site to represent buyers.
Please contact me direct to discuss specifics and for me to share more insight based on the particular property and your personal situation. We look forward to assisting you. I have a client that is an investor He wants to make an offer on a property that was listed May 5 Agent said he could not make an offer for another 9 days I thought the waiting period was 20 days. The property is Head of the pond.
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