HomePath Ditech Short Sale
A HomePath Ditech Short Sale is relatively common as Ditech services a large volume of Fannie Mae backed notes; When a Fannie Mae backed short sale is processed it will eventually be placed into the Fannie Mae HomePath Portal System: this allows Fannie Mae to review the file and communicate with the agent directly. Ditech was formed by GreenTree Servicing and Ditech Mortgage Corp merging into Ditech Financial LLC. A Homepath Ditech Short Sale will follow Fannie Mae guidelines; This means no HAFA, a need for imminent default if borrower is current, and potentially a seller contribution or promissory note requested if state law allows. Also, when it comes to guidelines on allowable payoffs to subordinate lien holders and contributions, Fannie Mae has specific and strict rules.
After sending a complete short sale package to Ditech Financial LLC and when deemed complete; The servicer will order an internal value to be completed on the property: this is generally an interior Brokers Price Opinion or an appraisal. The servicer and investor will require that the purchase price and settlement figures will be placed into Fannie Mae’s HomePath Portal for short sales too.
Fannie Mae is in the business of mitigating their losses and often plays hardball; Furthermore; they may ask for seller contributions or promissory notes in deficiency states. At times they also obtain high internal values on the properties and value disputes may need to be initiated to contest the high value and bring it further in line with Fair Market Value of the property in question.
If you have any questions about the Homepath System for short sales or Ditech Short Sale procedures or anything loss mitigation related, please fill out the form below for immediate assistance or call 1-800-692-9960