Fannie Mae has just launched a Short Sale Site – Loan Modification Site, to help people understand options. It is www.know your options.com/ Let me warn everyone, this is only for Fannie Mae Loans. If your loan is not owned by Fannie Mae this information does not apply. So lets address a problem with the site. More times than not, when you call your Mortgage Servicer they will not tell you or your Realtor who owns your loan.
There are some tricks that seasoned Banking Professionals know, relative to finding out who owns your mortgage including MERS, but many professionals don’t share this knowledge, they consider it tricks of the trade. So here is the good news and the bad news. At the end of the video and interactive screen presentation , there is a prompt, to have you search to see if Fannie Mae owns your loan. Why is this not at the introduction when the site first loads? Well, you will have to ask Fannie that.
As I have said before, saving your home in a loan mod, or moving on with your life in a short sale, is not an easy process. Short Sales are a segment of the real estate profession that is difficult to master. But with 7 million people in default on their mortgages this is not an issue that is going away any time soon, more and more Realtors are learning the ropes.
Another issue with this site is when I reviewed it, I saw no mention made of HAFA as a short sale system. Why? I am not sure as Fannie Mae has mandated this as a system, and here is the link to the rules. Is this going to be confusing to the public who are now looking for HAFA information?
Now I am just a Real Estate Broker with 20 years experience including Banking but I think Fannie Mae and Freddie Mac should just use the same Short Sale system rules the Treasury Department set up for other investors. Clearly stated, I agree with the Ca. Ass. of Realtors and what they stated in their ” Open Letter to Treasury and Fannie and Freddie” .
I follow things pretty carefully on the Short Sale Front and I have not seen response letters from any of the parties yet. I am sure they are getting ready to deal with answering why Fannie and Freddie are being treated differently than other investors. After all they owe the America Tax Payers 160 billion dollars. To me this is like saying the Treasury Department does not know what they are doing, and they know better what to do than the Treasury Department. If you have an opinion on how to fix the Real Estate market or want to share your views with President Obama just click here, and start composing. I can think of about 7 millions household that would like about 10 minutes of the Presidents time to tell him we need to show some attention to housing.
George Kenner, Broker Associate Keller Williams Realty, Ca. Lic. 01229951
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