MEMBER ALERT: Fannie Mae, Kazork misunderstanding

August 31, 2012 by Amanda Sue - SAAR

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ADRE Informatio​nal Alert - Media Release Statement from Fannie Mae


Commissioner Judy Lowe of the Arizona Department of Real Estate would like to acknowledge and thank those in the industry who have advised ADRE of their concerns regarding the submission of offers through Kazork.  The Commissioner has interacted with Fannie Mae and would like to share the recently released media statement from Fannie Mae regarding Kazork.  Thank you.   

MEDIA RELEASE STATEMENT FROM FANNIE MAE:
"There appears to be a misunderstanding regarding Fannie Mae's short sale process, involving a company called Kazork.  Kazork is a company that, among other things, conducts auctions of residential  properties that have not been able to be sold through traditional marketing practices.  Fannie Mae at one time had a limited engagement with Kazork, but has said that Kazork is not an exclusive partner on short sales.  Fannie Mae is reaching out to Kazork to stop them from using Fannie Mae's name in any marketing activities.   Any changes that Fannie Mae makes to its short sale guidelines and processes will be communicated by Fannie Mae.  Short sales in Arizona involving Fannie Mae loans should be pursued as they have been in the past in conjunction with Fannie Mae and its mortgage servicers."
 
For questions regarding this release please contact the ADRE

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