If the servicer is responding to an unsolicited short sale request from a borrower, Provide evidence of the borrower’s indication of intent to pursue a short sale to Ownership of the property to ensure that the borrower’s rights are appropriately protected.
Prepaid items and assigned any insurance proceeds to Fannie Mae, if applicable.Įnsure the sales proceeds are received on a timely basis.ĭ2-4-02, Reporting a Workout Option to Fannie Mae and the Investor Reporting Manual.Īppropriately manage liquidation workout options that involve the borrower’s relinquishing Provide instructions to the title company regarding closing of the transaction inĮnsure that the borrower has waived reimbursement of any escrow, buydown funds, or Work with the title company to resolve any issues that may delay the closing, including Review the settlement statement prior to the short sale closing for proper transfer Requirements and the borrower expresses an interest in a short sale. Obtain a property valuation if there’s reason to believe the borrower meets the eligibility Review each sales contract in detail to verify that the terms comply with this Guide. To explain the requirements related to the short sale and refer the agent to HomePathįor Short Sales to register the short sale offer, as applicable. Oversee the sale of the mortgaged property by communicating with the listing agent On the status of the mortgage loan at the time of the respective evaluation.Īdvise the borrower of the advantages and disadvantages of agreeing to a short sale.Īdhere to the time frames for evaluating the short sale and closing the short sale
The following table provides some of the servicer’s responsibilities in connectionĮvaluate the borrower’s eligibility and cash contribution requirements, if any, based General Requirements When Processing a Fannie Mae Short Sale
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