Fannie Mae has decided to decline the postponement on all foreclosure sales. There are a couple of reasons why they are not extending, none of which are logical or rational. Even though a short sale is approved, Fannie Mae is still unwilling to grant the extension.
Unfortunately, a recent client of mine had the misfortune of dealing with this awful BoA/Fannie combo.
From the BoA CEO’s office this morning. They had to research this file since it was being mishandled by BoA so badly. This is what the person who was helping me has explained:
1) The closing officer, and the negotiator, did not do their diligence, and their jobs by not helping to correct the approval. I spoke to the closing officer yesterday who informed me that she sent the correct approval letter a couple of weeks ago. I asked her to show me where she sent it, and I then proved to her that she forgot to send it. She told me that she thought my next plethora of emails were just duplicates…. Her managers are holding her accountable for this, I assure you.
2) The negotiator did not put in the foreclosure request in time even though I was personally told that it was in, and that everything was being taken care of. He too is being held accountable for his lack of actions. The CEO’s office person has assured me of this.
Fannie Mae is taking just about everything to sale when it comes to short sales. The government is telling us that they are helping homeowners, but having their companies send everything to sale.
This is pretty awful news. Fortunately, we can still help you if you have a Fannie mortgage, but we need to start quickly, because Fannie will not postpone the sale date.
I have a home that went to foreclosure and the investor said that my seller could still do a short sale
it foreclosed at 370k and it has a second but the 2nd would have to buy the property to have rights any way
We get a short sale offer of 390k and the Negotiator comes back and says $420 we think it’s a done deal and fight to get the buyer to that number and low and behold the investor comes back and says no-
What do you think has the second somehow got involved because I would think the first would have jumped at that offer.– No Lose to them
Well I would be interested in selling my list properties but not with short sales I guess, but if there are some nice treats I’ll benefit for short sales I would really change my mind.
Trina | NV Henderson Foreclosure´s last [type] ..Las Vegas Hard Money Going Limp!
I’ve been through some messy escrows before, but the one you’ve described sounds worse. It’s too bad Fannie Mae would not hold off on the foreclosure so you could complete the short sale.
First of all, LOVE the picture. Made me laugh.
Second, that stinks about what happened to your client. At least BoA is taking some responsibility. Same can’t always be said for bigger banks.
Go figure.
If you are working with short sales, you will run into these illogical decisions all the time.
The last short sale I tried to do was a townhome in a sharply declining market. I managed to bring an offer to the table that was actually higher than what the seller had purchased it for a year ago.
You think what would have been a no brainer, and that the lender would have jumped all over it like a chicken on a junebug.
Not so.
Countrywide now owns that townhome.
MN Homes´s last [type] ..Shakopee Homes for Sale
I agree. Just don’t tell me that you don’t want it back, and then take it back. These banks say one thing, and their actions say another.
Although the picture is a great pick it’s sat to know you lost your client.
@Tempe Real Estate Agent
“I agree. Just don’t tell me that you don’t want it back, and then take it back. These banks say one thing, and their actions say another.”
This happens all the time with banks and as sadly as it is we have to get used to them and be extremely cautious.
I blog on this all the time, the various problems with mortgages and the solutions offered by government or banks. I wish there were more hope but we are still fighting for stopping foreclosures. We are fighting our own personal wrongful foreclosure and the resulting fradulent eviction.
I try to tell parts of my story on my blog as well as give out news and information. I will add your blog to my bloglist as you have good information.
MANY people are helped by short sale and don’t have what it takes to fight for their homes in any other way. I am almost thinking that ALL homeowners should sue the second the bank or fanniemae stops negotiating in good faith. NOT completing the process etc.
ON one of my homes it took the bank over 3 weeks to answer the simple question – how much for payoff for a buyer wiling to pay ALL of the loan and attorney fees. sadly we lost the sale. KEEP UP your good work.
Darla´s last [type] ..Homeowners Associations- The New Foreclosure – CNBC
It is really not fair with the home owners to put them in difficulty for something which they should not bear. It should be the responsibility of “Fannie Mae” who actually are responsible for the whole scenario.
What a mess .It is really not fair with the home owners to put them in difficulty for something which they should not bear.
It’s unfortunate what happened to your client. Fannie Mae really needs to get their act together!
Fannie Mae really have the responsibility to their clients. Badly, they weren’t able to fix it that leads to unfair.
I’ve been through that problem before, but the one that happened to you sounds worse. It’s too bad Fannie Mae would not hold off on the foreclosure so you could complete the short sale.I hope everything will be OK soon.
I was doing some research and came across this site. Must say that this information is what I was searching for! Keep up the good info. I just Saved as a favorite, Hope that you’ll come up with additional stuff such as that.
Jeremy Smiley – Short Sale Specialist – Fresno, CA´s last [type] ..Unemployment-Under Water Loans-Shadow Inventory…Chase Predicts Housing Recovery In 2014
MANY people are helped by short sale and don’t have what it takes to fight for their homes in any other way.
Chicago Luxury Properties´s last [type] ..High Demand for Luxury Condos in Downtown Chicago in 2010