Houston TX – Another agent recently e-mailed the Stop Foreclosure Insitute. They were having a hard time with a short sale on a Fannie Mae Loan.
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Here is an excerpt from the agent’s e-mail.
“I spoke with Josh @ Fannie Mae. He said that once there is a foreclosure sale, per an agreement with lender, Fannie Mae would pay the lender the full balance of the note.
I started to comment that what incentive is there for the lender to process a short sale. He said I know where you’re going with that and we couldn’t comment.
It appears that the title would be transferred to Fannie Mae and the lender would be reimbursed for the FULL balance of the note. This is crazy! When Fannie Mae is the investor, it seems a JOKE to bother with the short sale!!
My Comments: Fannie Mae short sales are the best and easiest short sales to get approved. This is because Fannie is one of the most reasonable loan owners out there.
The problem is that no one at the lenders really cares. The reason the lender is getting paid off completely is because they already sold the loan to Fannie.
Remember, Fannie was created to free up lender’s money. That way lenders could go make more loans. The problem is that Fannie has entrusted their investment to these lenders. Let me explain.
Here is how I see it. It’s a huge win for a lender to under staff the departments handling their loan.
Their business model is to grant loans and sell them to Fannie for a profit. Fannie takes on all the risk and even pays you a monthly payment for collecting the payments
Cut your staff handling their loans to the bone. That way you can make a monthly profit from the monthly Fannie payments. A lender can’t lose. You make money granting the loan.
You sell the loan to Fannie for a profit. You make money each month handling the loan for Fannie. At the end of the day, the loan goes bad.
You can’t do a competent job negotiating the short sale. Why is that? The reason is you are cutting staff costs. But, you don’t lose money from your negligence. Fannie Mae and Uncle Sam do. Sound like a sweet deal?
But, we still love Fannie Mae Short Sales. The Stop Foreclosure Institute has sold countless Fannie Mae Short Sales successfully.
Thinking about a loan modification?Our Houston loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at soldbymichelle@gmail.com to request a Free Copy. Or, click here to request a copy.
Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at soldbymichelle@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 832-274-5007
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Michelle Gonzales.
Michelle is a Real Estate Agent at RE/MAX 360.
Phone: 832-274-5007. soldbymichelle@gmail.com.
“Educating the Homeowner, One by One!”
View My homes for sale at www.yourhoustonhomesource.com.
Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.
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