This is a great sight, so much wonderful information.
I am currently residing in Texas trying to SS our house in NV. We moved 6 weeks ago. The house is a Fannie Mae and the lender has flat out refused to offer a waiver. Colonial Savings, in Fort Worth Texas.
We offered a cash contribution that they have not even responded to. We have had to move 2000 miles to keep one of us employed (DH was laid off after 20 years and my company was sold to a TX corp. that offered me a job if I would move, we did) so now we are trying to sell our former home and pay rent in Texas. We have a buyer and an approval letter but no waiver. The recourse in NV is 6 years, that is a long time to wonder "what if"
I don't know if it matters but we are not behind in the payments, we have kept all the payments current through all the processes the lender has asked us to apply for. HAMP we don't qualify with my husbands unemployment we make too much money (there was some % of mortgage to income but I don't remember what it was) and since we didn't qualify for that, HAFA was not an option at all per our lender. On top of it regardless of income we were told we won't qualify by our lender because we are not looking to try and stay in our home, we can't we had to move.
We have an appt. with our NV attorney on Tuesday to discuss the ramifications/risks associated with not getting the waiver but this whole thing is keeping me awake at nigh so I was looking for some quick insight.
Any thoughts, insight, ideas etc?
Really? How does one do this?
Are you personally speaking with your lender? Give that a try, instead of your agent or negotiator. Sometimes talking to you directly will make a difference.
In the beginning I was along with our agent. Now we are dealing with a guy that will not return any of our calls and he will not respond to my email
Ask your agent if he/she has access to the Fannie Mae MLS Help Desk. If not, you could google Fannie Mae for contact information and ask them to help settle the matter. BUT, do not cancel your current short sale! Fannie Mae will communicate with Colonial about your approval and they will let you know if they approve any changes to the letter.
Do you have MI? More often than not, it's the Mortgage Insurer that refuses to release deficiency, not Fannie Mae.
Kelly is right, you don't cancel the short sale with the servicer, you just communicate this issue you're having with the investor, in this case Fannie Mae. Fannie Mae isn't usually too bad about this, sometimes they'll ask for a cash contribution for deficiency waiver, sometimes they won't ask for anything.
Also, mortgage insurance can be an issue, try to find out if there is mortgage insurance and with which company.
I'd also suggest you let your agent do this, it's really what they're paid to do, and the various parties can hit you up on the spot for information, and the call is being recorded. It's like the cops say, "anything you say or do may be used against you in a court of law," I wish they had to say that when you call in to your lender.
YOU should not be talking to the bank anymore.
If you have an experienced agent... let him earn his/her keep. A good agent will give you periodic updates and break thru whatever resistance you're encountering and get the job done.
DIscussing the matter with your attorney is a great idea. While not discouraging that at all, I'm sure the attorney will be happy to help (at $200-$300/ hr with a hefty retainer upfront and no guarantee.) Save the attorney for your "trump" card. (You may want to discuss with your accountant as well.) If you have had to move out of state to get work, there are often considerations given to this by YOUR lender.
Jeff Burnham- "The WIZARD"
Encore Realty Group, Las Vegas
You guys are awesome.
I am beginning to think our agent is not aggressive or well versed despite what she told us.
Let me see if I can answer your questions:
HAFA - according to the bank we did not qualify for HAMP and therefore under their guidelines HAFA was not an option.
Attorney-Believe me at this juncture we do not want to spend morre $$ out of pocket but our agent has been pushing us 1. getting legal advice since that is not her job(I agree) and 2. she thinks its time to bring in someone with more power. However, the more I read the more it seems like a cop out on her part. That said, we could stand for some "expert" advice so will probably keep the appt.
MI - No, we do not have mortgage insurance
So far the bank doesn't even seem to be understanding that we have moved 2000 miles to keep one of us employed, they keep referencing "keeping us in our home" Ugh.......
Fannie Mae - We offered through our agent to the bank a cash contribution and never got a reply. Again, this is the guy that will not answer his phone and very obviously does not read his email other than to respond with "No, the investor will not waive the deficiency" over and over - that is the response to every question
Tomorrow hubs is going to try and contact Fannie Mae directly through their help lines
Meanwhile we have a consult with the atty and my agent supposedly has found someone else at the bank to try and talk to although I think so far she has also only gotten voice mail with no response
Hubs has spoken with Fannie Mae and they have told him they will not waive the deficiency nor will they negotiate unless the short sale is a HAFA which ours is not. The "2nd level" person at Fannie Mae said that our bank can chose to waive, but Fannie won't.
I am so confused at this point and our agent has stopped responding to us.
Is it time we found a new agent and if so, how does one go about doing that? We enlisted the services of our current agent in February
If your agent has stopped responding...call their Broker. Tell them that you're not being serviced. If it's not corrected....it's your house... your listing. FInd someone that IS motivated! While YOU calling the lender/investor is fuel for the fire, you wouldn't hire a mechanic to fix your car and then do it yourself if it doesn't run right!!
There is NO excuse for not getting a call back. (One of my pet peeves.) While I encourage discussions with an attorney as well, they will want a healthy retainer... and from what I've read above- it seems like the threat of a BK is NOT an option? Litigation is expensive.
Hard to diagnose without having all the pieces of the puzzle. But again, call your agent's Broker. Your contract is with the Borker... NOT the agent. The Broker may reassign the listing to a more qualified agent in the office? (The agent you're having the lack of communication may even be relieved to not have to work a file that's beyond their ability? To me, lack of communication is unforgiveable. Good, bad or indifferent, you should ALWAYS be advised of your current status! (Any professional agent reading this will agree, I'm sure.) Short sales ARE sometimes a challenge, but are usually "do-able" when you get to the right party.
Jeff Burnham "The WIZARD"
Encore Realty, Las Vegas
We have no debt other than the house. If we were debt ridden and BK was our only option we would let the house go to foreclosure since we would be credit dinged all around. This is not an option for us.
Fannie Mae keeps telling us they won't come after us unless fraud is suspected but a lot can change in 6 years time which is the length of NV recourse. I honestly don't know if I can live with that hanging over my head for 6 years
I think when I told the agent no waiver no deal that she lost interest, I really don't know but I find it odd that she wants us making all the phone calls, wants us chasing the bank and FNMA etc. It was suggested to me that we access the help line through the MLS and her response was "that could take several weeks"
my thought is, well, so what, nothing is moving, we have to get something going here.
Does anyone know if the information we are getting is accurate? Will FNMA only waive the deficiency on a HAFA and absolutely will not waive on a traditional short sale?
The best way to get a waiver is by contributing to the sale. Contribute $1K cash stipulating that it be for release of debt and you will likely get it - that is free money to them - they do not plan to go after you, but, as you say, you never know how far you can trust a gov't promise. You might get away with offering $500 for that. I wouldn't try that.