Government wants your house!!

The Government wants your house!!

Fannie Mae, which was taken over by the government in 2008, is currently in the process of foreclosing on every house possible, including those that people are trying to short sale.

Fannie Mae has not come out and issued a formal statement regarding their two very well-known “unwritten rules” but it’s time the general public knows what they are:

If you have a loan backed by Fannie Mae and you want to do a short sale then;

1. You must be late at least 30 days or it won’t be considered
2. Once a foreclosure date has been set it won’t be postponed, cancelled, or altered in any way no matter what.

So what does this mean? Basically if you are trying to short sale a Fannie Mae backed property it needs to be timed perfectly so that a payment can be missed BUT the property needs to be approved AND closed before that foreclosure date which will be set.

In the short sale world trying to “time” a short sale is like trying to win the lottery…except in the lottery at least you know when you win or lose!

Fannie Mae HAS come out and issued a different statement however. They have said that they are doing everything possible to give people alternatives to foreclosure.

WHAT???

Not only does that make no sense considering their short sale policies but it’s pretty much a downright lie! They want your house to foreclose and if it doesn’t get short sold in that small time frame then it’s theirs!

This week we’ll post “Alternatives to letting the government take your home” to let you know what you can do to get your property short sold when you have this ridiculous government entity chasing you down with their foreclosure stick.

Related posts:

1. Alternatives to letting the government take your home
2. Tax Credit is now officially extended!!
3. Arizona State Government & Real Estate
4. Government ending HAMP?
5. Short sale approvals up…Fannie Mae foreclosures also up!