Fannie Mae short sales are worked in their own portal called www.Homepath.com , for short sales its www.homepathforshortsales.com. Most Fannie Mae Short Sales are worked by the mortgage servicer until a certain milestone and then moved to Homepath for the completion of the review.
Most servicers will submit the file to Fannie Mae once there is a value on file and a complete package for the Short Sale. In a Fannie Mae Short Sale the mortgage servicer is delegated very little authority therefore Fannie Mae makes all decisions on the review.
The Homepath submission is offer specific in Fannie Mae Short Sales so if a buyer walks, you will need to start over and re initiate the Fannie Mae Short Sale in homepath after the mortgage servicer has again verified a complete package and a current value on file.
This can make Fannie Mae Short Sales a pain. Its important to Initiate the new offer in Homepath before the mortgage servicer sends the file to Fannie Mae as this could save you a few days. Even in doing this Fannie Mae will not begin to review the new offer until they get the file from the Mortgage servicer so its important to move both aspects of the review simultaneously.
If you have questions about an underwater mortgage, loan modification, foreclosures ,short sales , Reverse Mortgage Short Sale please call us at 888-572-8020.