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Fannie Mae
Replies to This Discussion
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Permalink Reply by Kent Dills on -
Never heard of that before.
Who's the lender/servicer? If it's IndyMac or BofA I wouldn't be surprised!
I have had the lender/servicer make claims that the "investor" says this, that, or the other - transferring blame to whomever IS the investor (i.e., Fannie, Freddie, HUD) and basically lying about whatever the core issue is. Sorry for the run on sentence. Couldn't stop after I got started ;-)
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Permalink Reply by Tessa Wilborne on
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Thanks for the response. The bank is PHH/Charles Schwab. I am doing research to find something in writing from Fannie Mae where they state this is their rule. If I find it I will post it.
Kent Dills said:Never heard of that before.
Who's the lender/servicer? If it's IndyMac or BofA I wouldn't be surprised!
I have had the lender/servicer make claims that the "investor" says this, that, or the other - transferring blame to whomever IS the investor (i.e., Fannie, Freddie, HUD) and basically lying about whatever the core issue is. Sorry for the run on sentence. Couldn't stop after I got started ;-)
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Permalink Reply by Katerina Gasset on
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Who is the servicer?
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The servicer is PHH/Charles Schwab and Fannie Mae is the investor. Still doing some research to find out what my clients are able to do. Both owners have TS clearance & are not willing to be late on their mortgage. Bad situation for the homeowners.
Katerina Gasset said:Who is the servicer?
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Permalink Reply by Mori Langshaw Sr on
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That is such BULLShananigans!!!! That just burns me when banks say that....Good grief.
Lets see, "Hey before you sell your house and we take a loss, you have to ruin your credit and won't be able to get another loan Mr. Seller." Geesh!!! >-(
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Permalink Reply by Stephen B. McWilliam on -
You may want to be aware of the Soldiers & Sailors Civil Relief Act.
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Permalink Reply by Bryant Tutas on -
Hi Tessa. We also have a group on here for military short sales. It may help.
http://www.shortsalesuperstars.com/group/hapmilitarypcs
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Thanks. I will check that out. The current sellers didn't use a VA loan in order to purchase and the HAP progam I have heard negative things about and they are barely getting any assistance to the military homeowners.
Bryant Tutas said:Hi Tessa. We also have a group on here for military short sales. It may help.
http://www.shortsalesuperstars.com/group/hapmilitarypcs
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Permalink Reply by Joyce Hathaway on -
Have you had your client check on the HAP program?
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Yes. But the waiting list for the HAP program is rather long and I'm sure they will have to apply for funds in the new year starting a whole new budget.
Joyce Hathaway said:Have you had your client check on the HAP program?
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Permalink Reply by Pat and Ben Mullikin on -
I'm working with a Seller who is not delinquent. To sell the home at market would give them a shortfall of about $20K which would be about 12% of the total loan. The lender is Nationstar, who told me that since Fannie is the investor the Seller would have to be 30 days delinquent to have their short sale looked at. This Seller is willing to sign a promissory note, but the Nationstar rep also told me that a PN would not benefit the Seller's credit if we did a SS. For personal reasons the Seller will do almost anything to not have a hit of any kind on the credit score, so Seller is now scrambling around to find a way to come to closing with 20K. Any comments or suggestions?
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Permalink Reply by Paola Lopez De Armentia on
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I've never heard of that. Call FNME at 800-732-6643. This is the short sale over time frame escalation number. Ask to speak to a level 2 rep. They might be able to look into it for you.
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