Ditech 2nd Mortgage Short Sale

Ditech is a mortgage servicer and it appears a large volume of the loans they service are Fannie Mae (FNMA) backed notes when in 1st posistion. Fannie Mae is a Government Sponsored Enterprise (GSE) and their guidelines will govern the short sale if it is FNMA backed. When they are in 2nd position it may be a Home Equity Line Of Credit or a 2nd with a private investor. When in 2nd position Ditech will request a copy of their own short sale package as part of their application. This differs from the 1st mortgage which does not necessarily have their own package but does require investor related documents that are applicable.

Ditech in 2nd position may play ball with a 1st lien holder that is participating in HAFA. If the debt is charged off a 2nd mortgage settlement may be an option too. Ditech in 2nd position generally has shorter time frames for a workout review than when under review with a Ditech serviced 1st note.

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