Steps of Foreclosure

Fannie Mae Foreclosure

Fannie Mae's job is to ensure that mortgage bankers and other lenders have enough resources or funds to lend to home buyers at low rates. Fannie Mae was established by the government in 1938. Fannie Mae became a shareholder owned company in 1968, funded with private capital raised from investors around the world and on Wall Street. Fannie Mae does not make mortgage loans directly to home buyers but buys mortgages that have been created by lenders. This provides a constant source of mortgage funding and liquidity in the mortgage market.

As a home owner or an investor you have many options for affordable homes. One of those options is a Fannie Mae Foreclosure. Although Fannie Mae works hard with their partners to help homeowners keep their homes and avoid foreclosure there are still times when a home is going to become a foreclosed property.

A Fannie Mae foreclosure can include single family homes, condominiums and town houses. They can be new homes or older homes located in a variety of neighborhoods throughout a community. Some Fannie Mae foreclosures will require repairs so before you purchase one of these properties get a professional home inspection. Then you will know what needs to be repaired and also how much the repairs are going to cost. If the property is in very poor condition you might not be able to get a mortgage loan for the purchase.

Fannie Mae foreclosures are sold through local real estate agencies. A real estate agent that is a member of the local Multiple Listing System (MLS) will be able to help you find available properties in your area. Once you find a property that you are interested in purchasing, the listing broker will present your offer to Fannie Mae for their consideration. Fannie Mae will accept the offer, reject the offer or make a counter offer. Once an agreeable offer is presented and accepted by both parties, you will become the home owner.