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?
We offered a contribution awhile back. Our bank will not take the offer to Fannie Mae, they won't even address it and we have offered it several times
You might try them directly - your request is pretty specific so you might get traction. Fannie Mae Loans Phone: 1-800-7FANNIE [email protected]
We have called Fannie several times, they refuse to negotiate with us. They tell us they will only negotiate with the bank and the bank says they will not negotiate with Fannie, they follow the guidelines. We have gone around our negotiator to someone else and keep hitting the same wall. We have gone back to Fannie etc we cannot figure out how to get them to talk to each other. We are chasing our tails, it is so frustrating.
If your bank falls under OCC, OCC can give the bank a push: http://www.helpwithmybank.gov/complaints/index-file-a-bank-complain... - they list the banks..
Others have occasionally said that they have had success with FNMA - my experience is the same as yours - useless twits with no interest in the taxpayer (investor) or the homeowner - happily sucking up $$ from the fed and in a cushy do-nothing fed job. Sorry that you ran into the same..
(You do know that there was a video on youtube from the prez of FNMA last summer stating that they will not pursue any debt after a successful short sale, right? - But then we all know how far we can trust out trustworthy gov't...)
After pounding our head against the wall a friend of ours suggested that since my income had stablized and was lower than it was in the beginning of the year, we should reapply for the HAMP in hopes of qualifying for the HAFA.
So, that is what we did. We were qualified for HAFA last week and with HAFA comes a waiver on our deficiency.
We have a new closing date, all the docs are in order and we will get a release on the lien in full.
I might be able to sleep again. Thank you all so much, your suggestions and advice were invaluable and I really really appreciate you all taking the time to share your experiences.