Fast Gainesville Short Sale Approvals on Fannie Mae Loans Gainesville short sales are no longer easier said than done. Normally, before a Gainesville short sale on a home with a guaranteed loan can proceed, the approval of the mortgage insurance groups is a prerequisite. But now, Fannie Mae mortgage servicers have the means to expedite a short sale approval on Fannie Mae-backed loans as they have been given the power by five mortgage insurers to complete a short sale or deed in lieu of foreclosure without a separate approval from them.
The five mortgage insurers granting Fannie Mae the power to expedite short sales without their approval are the following: MGIC, Genworth, Republic Mortgage Insurance Co., Radian Guaranty, and the PMI Group, which filed for bankruptcy in November.
Fannie Mae entered into such agreement with these insurers as part of their endeavor to make the short sale process fast and increase completions of short sales.
Gainesville short sales significantly increased during the crisis. More and more homeowners on the brink of having their homes being foreclosed on are looking into short sales as an alternative. This significant change in the process of short sale approval will indeed benefit a lot of homeowners applying for a short sale.
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