Although the Fannie Mae Pilot Program recently ended, MFRMLS is continuing to work closely with Fannie Mae to identify future opportunities. New legislation aimed at helping property owners keep their homes, loan modification guidelines and voluntary programs with lenders have all contributed to a changing landscape for short sales… and Fannie Mae is working on new plans to simplify the approval process for short sales on Fannie Mae backed properties. MFRMLS remains committed to partnering in ways that will help speed up the approval process, benefit our members and ultimately help stabilize the housing market.
We are pleased to share a list of resources provided by Fannie Mae in recent correspondence to MFR; check them out and add your favorites as a “favorite.”
Fannie Mae Website Resources:
Making Home Affordable
The Making Home Affordable Program announced on March 4 , 2009 includes Fannie Mae Affordable Refinance options and the Home Affordable Modification Program. The information can be obtained at https://www.efanniemae.com/sf/mha/index.jsp or www.MakingHomeAffordable.gov
Fannie Mae Homes for Sale
Fannie Mae-owned properties offer great affordable housing opportunities, with up to 97% financing for select properties through HomePath® financing options.
Fannie Mae Loan Lookup
The Fannie Mae Loan Lookup helps borrowers determine whether Fannie Mae is the investor on their mortgage.
Financial Stability Plan
This website provides an overview of the U.S. Treasury Department’s Financial Stability Plan, including press announcements on the second lien program and foreclosure alternatives for short sales.
Second Lien Program:
On April 28, 2009, the U.S. Treasury Department announced a Second Lien Program so that when a Home Affordable Modification is initiated on a first lien, servicers participating in the Second Lien Program will automatically reduce payments on the associated second lien according to a pre-set protocol.
Foreclosure Alternatives and Home Price Decline Payments:
On May 14, 2009, U.S. Treasury Department announced new details on Foreclosure Alternatives and Home Price Decline Payments. The Foreclosure Alternatives are meant to prevent costly foreclosures by providing incentives for servicers and borrowers to pursue short sales and deeds-in-lieu of foreclosure in cases where a borrower is eligible for a MHA modification, but unable to complete the modification process.
About MFRMLS: The Mid‐Florida Regional Multiple Listing Service services 15 Realtor associations in 10 counties and has approximately 30,000 members. Homebuyers can log on to www.MyFloridaHomesMLS.com to find the most up‐to‐date information on home listings in central and southwest Florida, including open houses, short sales, pre‐foreclosures and foreclosures.