Loan Modification
Realtors & Fannie Mae Work To Speed Up Short Sale Deals
The California Association of Realtors is working with loan giant Fannie Mae to speed up “short sales” — transactions with a price less than the value of a mortgage on a home. Fannie Mae has set up an assistance desk that “will expedite a timely resolution of short sales transactions, eliminating the long approval delays” for many such deals, California Association of Realtors President Beth L. Peerce said in a news release Thursday. Real estate agents will be expected to first make a “reasonable effort” to get approval from mortgage servicers for short sales, Fannie Mae Vice President Marcel Bryar said.