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Realcomp, Fannie Mae Partner on Short Sale Speedup
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| Realcomp II Ltd., Michigan’s largest Multiple Listing Service provider to real estate professionals, Thursday announced a partnership with Fannie Mae to create a pilot program for homeowners in fear of foreclosure or staring down the barrel of a short sale.The program will help streamline the short sale process, making it easier for homeowners who are under water in their mortgages to sell, thus reducing foreclosures by allowing these homes to be sold rather than seized by a financial institution.Additional goals of the joint venture include decreasing on-market inventory, helping to stabilize the housing market and improving overall property values.A short sale occurs when a bank agrees to accept less than what’s left on a home loan, and the bank agrees to sell the home for whatever the market will bear, usually — but not always — in full satisfaction of the mortgage debt.Realcomp CEO Karen Kage said Fannie Mae figures show they get 19 percent less than what’s owed in a short sale, vs. 40 percent less in a forecloseure. >> Read Full Story |
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Posted by
Eureka Expert
on Mar 26th, 2009 and filed under
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Housing,
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