Short Sale Assistance Desk Available in MA
The Fannie Mae Short Sale Assistance Desk (Assistance Desk), that helps real estate professionals quickly resolve issues that may arise after a short sale offer is made on Fannie Mae backed loans, is now available in Massachusetts.
Fannie Mae launched the Assistance Desk to streamline the short sale process when issues arise, such as a slow-down in the process or the existence of a second lien. The initiative leverages relationships between participating MLSs, and their customers to collect and submit information to Fannie Mae using a dedicated submission form within the MLS system. Participating MLSs also provide Fannie Mae with data to improve property valuations and make quicker approval decisions on short sale requests.
The Short Sale Assistance Desk staff will only accept cases involving properties with a first-lien owned by Fannie Mae, and the servicer must be in receipt of a valid offer for the property. Real estate professionals who submit cases must be a customer of MLS PIN, must be the listing agent or listing broker for the property, and must obtain a signed Borrower Authorization Form from the homeowner(s). A case may also be submitted to the Assistance Desk if the MLS PIN real estate professional has received an approval from the servicer for the transaction, but either the mortgage insurer or second lien holder has imposed a closing condition that is not possible for the borrower to meet.
MLS Property Information Network (MLS PIN) is the first MLS in New England to participate in the program.
“This initiative compliments our overall efforts to encourage troubled borrowers to pursue alternatives to foreclosure,” said Fannie Mae vice president, Marcel Bryar. “The Assistance Desk will expedite timely resolution of short sales transactions, with many less complicated cases resolved in just a couple of weeks.”
To learn more about the Short Sale Assistance Desk and its availability to MLS PIN customers, please visit www.mlspin.com
. The Cape Cod & Islands Multiple Listing Service will host the Assistance Desk soon, updates are available at www.ccimls.com
and the Berkshire MLS is exploring the opportunity.