Alternatives to letting the government take your home
Alternatives to letting the government take your home —
Fannie Mae wants it and they can’t wait to foreclose on it…don’t let them!! Do a short sale, be smart about it, and get out from underneath that mountain of debt!
If you have a Fannie Mae backed loan and you need to do a short sale then here are some steps to avoid their newest ploy to get your home…
1. Check to see if your loan is backed by Fannie Mae. You can visit http://www.fanniemae.com/loanlookup/ and type in your address to see if Fannie Mae is the investor on your loan.
2. If they are then you will need to try and get your short sale progressing quickly. Once a foreclosure date is set they will probably not postpone it and the house will need to be sold, approved, and closed before that date.
3. Gather all your short sale documentation and provide it to your short sale agent. Be sure everything is up to date, including last two paystubs and last two months bank statements.
4. Your agent will get the property on the market promptly and you’ll need an offer soon so make sure the house shows as well as possible and is priced aggressively but within market value.
5. Be sure your agent works diligently on the file and attempts to expedite it at every given opportunity. Some short sales can take 120 days or longer JUST for the approval and then remember that you still need to give the buyer 30+ days or so to close.
6. Time is of the essence in these types of transactions — not having Fannie Mae as the investor gives you much more breathing room as most other investors don’t like losing money and are willing to give you time to complete the sale —
Good luck! If you need short sale help in Arizona please feel free to contact us at 480-241-4406 or Sean@AzHomeHelp.com and we’ll expedite your short sale today!!
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