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Real Estate & Property Law

: The Home Equity Theft Reporter

Fannie Begins Testing "Pre-Approved Short Sale Program" For Underwater Homes In Phoenix, Orlando

By r morris

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The Wall Street Journal reports: Fannie Mae is testing a new program to stave off foreclosures by preapproving "short sales" of homes, in which mortgage companies allow homeowners to sell houses for less than the value of existing loans, forgiving the difference.***Two pilot projects, in Phoenix and Orlando, Fla., began at the end of December and will last for three months. The test run is

Full post as published by The Home Equity Theft Reporter on January 09, 2009 (boomark / email).

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