A short sale, also known as a pre-foreclosure sale, is when a home sells for less than the balance remaining on their mortgage. The financial institution that is the first lien holder on the mortgage must approve a short sale since it means taking a loss on that loan. If Fannie Mae is the first lien holder, we work with the mortgage company that services your loan (i.e. collects your mortgage payments) to communicate with you throughout the short sale process. We provide guidance to the servicer on who is eligible for a short sale, the property listing price, and acceptable contract terms and closing costs.
If your servicer notifies you that you are deemed eligible for a short sale and a contract to purchase your home is approved, you can sell your home and payoff all (or a portion of) your mortgage balance with the proceeds.
|Listing the Property||
|Submitting an Accepted Contract||
|Negotiating and Counter Offers||
|Closing and Settlement||
If Fannie Mae owns your loan, we work with the mortgage company that services your loan.
The mortgage servicer handles all borrower interactions and the borrower eligibility process.
Both the listing and buyer's agent represent and assist sellers and buyers in the short sale process.
IT IS ILLEGAL TO DISCRIMINATE AGAINST any person because of race, color, religion, sex, handicap, familial status, (having one or more children), or national origin.
Anyone who feels he or she has been discriminated against should send a complaint to: U.S. Department of Housing and Urban Development, Assistant Secretary for Fair Housing and Equal Opportunity, Washington, D.C. 20410.