The MIAMI Association of Realtors (MIAMI) announced it is participating in the Fannie Mae Short Sale Assistance Desk, a move that will help its real estate professionals quickly resolve problems that may arise after a short sale offer is made on a Fannie Mae property.
“Our partnership with Fannie Mae’s Short Sale Assistance Desk marks an important step forward to helping homeowners and our members avoid the frustrations and complexities that are so common in short sale transactions,” MIAMI CEO Teresa King Kinney said in a statement. “With access to the Assistance Desk, members will be able to resolve cases where the short sale approval channel has slowed down.”
Fannie Mae started the Assistance Desk to streamline the short sale process when issues arise, such as a slow down in the process or the existence of a second lien. The initiative leverages relationships between participating MLSs, like MIAMI, and their members to collect and submit information to Fannie Mae using a dedicated submission form on the MLS website.
“This initiative complements our overall efforts to encourage troubled borrowers to pursue alternatives to foreclosure,” said Fannie Mae Vice President Marcel Bryar. “The Assistance Desk will expedite timely resolution of short sales transactions, with many less complicated cases resolved in just a couple of weeks.”
The Short Sale Assistance Desk staff will accept only cases involving properties with a first lien owned by Fannie Mae and the servicer must be in receipt of a valid offer for the property. Real estate professionals who submit cases must be a member of MIAMI, must be the listing agent for the property and must obtain a signed borrower Authorization Form from the homeowner.
A case may also be submitted to the Assistance Desk if the real estate professional has received an approval from the servicer for the transaction, but either the mortgage insurer or the second lien holder has imposed a closing condition that is not possible for the borrower to meet.
“We expect real estate professionals to first make a reasonable effort to resolve issues by working through the servicer, but the Assistance Desk staff will help in the event the servicer has not provided an initial response within 20 days, a final property valuation within 30 days, or a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date,” Bryar said.
To learn more about the Short Sale Assistance Desk, including the eligibility criteria and process for submitting a case, visit www.Miamire.com