Fannie Mae is usually not a name I like to mention in my blog posts. Usually when they make it into the news it’s because they’re either making trouble for borrowers or making trouble for tax payers (or both). And yet this time I’ve got a glimmer of hope. Not just that they bring good news for home owners but also for the economy in general. So here’s the scoop:
Short sales are being streamlined by Fannie Mae.
I kid you not, they’ve finally realized that the only hope most people have and the only real solution to the housing market crises is to improve the short sale process. I mean, what’s really the one major drawback of a short sale? That’s it’s NOT short. It can actually get dragged out into a very “long” sale. And that doesn’t help borrowers, bidders, banks, or binsurers (I know, insurers, but I needed a “b” word!).
So some of their big ideas to speed up the process:
– servicers can make such basic decisions for themselves as going to the bathroom and also approving short sales without Fannie Mae’s approval
– extenuating circumstances, like death (is there a bigger extenuating circumstance than that??), will be considered even before default
– waiving hardship documentation requirements for borrowers 90 days behind
There are plenty more changes in the fine print but basically they pulled their heads out of the sand and woke up to one harsh reality – if they don’t make short sales easier they’re going to get ripped to shreds by foreclosures.
Now I want you to finally get serious about your real estate investing business!! If you still don’t think it’s time for you to get moving then please find the hole in the sand Fannie Mae’s head was just in and insert your own head. But if you care about yourself, about taking care of your family, about providing some comfort for families in need (and not just in NJ!!) then make a move. Email me and I’ll hook you up TODAY!