Jerry Jackson of the Orlando Sentinel on Fannie Mae Short Sale Pilot
This was sent to me by Liam Gillen, one of our Orlando realtors. it’s an article in the Orlando Sentinel about Fannie Mae running a pilot to speed short sales processes considerably. This holds promise to everyone thinking of doing a short sale. if the pilot succeeds, hopefully the program will become widespread and cut the long wait (many months) associated with short sales.
Orlando Sentinel: Fannie Mae tries program to speed up ’short sales’ in Orlando area
Jerry W. Jackson | Sentinel Staff Writer, Published: January 28, 2009Orlando is one of the leading metro areas in Florida for single-family-home resales, soaring past larger markets such as Miami, Fort Lauderdale and Jacksonville during the past year as local deals on distressed homes have mushroomed. Now the mortgage giant Fannie Mae is testing a small pilot program in Orlando to speed up some of those sales.
A “short sale” is a distress sale in which the lender agree to take less than the amount owed on the home’s mortgage, so it can avoid the costs of a foreclosure. The number of such deals has been rising in lock step with the surge in foreclosures the past year.
