Hello Superstars, where can I go to for help? This is the message I submitted to the CEO of FAnnie Mae via social media, but I am not sure how soon he will see it. What would you do?
Hello Mr Mayopoulos,
I apologize for addressing this via social media however I have no idea of what else to do.
Fannie Mae accepted a short sale offer of 125K via homepath for a property with a foreclosure sale date of 2/13/15.
For 8-9 months Bank of America and Fannie Mae has sat on an inflated value of 168K. Out of desperation when a 137500 offer came in I uploaded it into homepath-even though a lower offer was being worked. Finally BOA and Fannie reduced the value to 125K and the original buyer accepted the 125K counter offer.
Later ( a few days ago) the Fannie Mae rep insisted upon taking removing the 125K offer to work the 137,500 offer. She also gave me the impression that she would diligently work with BOA to get the foreclosure sale postponed if only Fannie Mae can get the higher money. NOW BOA SAYS that they cannot put in again for the the foreclosure sale postponement because the 125K was cancelled out and there is not enough time to work the higher offer that Fannie Mae insisted upon. I was told that if the 125k offer was left in as approved (and even ow if it was reapproved) that would enable them to process the postponement request. Now everyone loses!!! Unless Fannie Mae notifies BOA that they want to postpone the foreclosure sale date to get this done-or if we can go back to the 125K offer we may ahve a chance. This is the borrowers 1st foreclosure sale date and they are now being punished for bringing a higher offer. The Fannie Mae rep out of greed for a higher offer has seemingly stopped this short sale from even taking place. I plead with you to please enable these borrowers be able to complete this short sale with dignity without the stain of an ugly foreclosure. They have done all they could to not just walk away from their responsibility and now they are being slapped in the face for trying. Please help, I beg of you. The manager at BOA is Christopher Redburn 855-458-3430 [email protected] . Thank you.
Thank you Brett, Fannie Mae shifts the responsibility off to BOA and vice versa. They now have me going through a tedious quality assurance with the higher offer but with no guarantees of postponement unless they have a full approval. We never should have sent any higher offer, at the time it seemed like it would help but the result is punishment and possible foreclosure. I will keep pushing and see how much higher I can go above Reandra at Fannie Mae. Thanks again!
Did you have an actual approval letter at the $125,000? They want the $137,000 because they (BOA) saw this number. Where is that buyer? How is the FNMA rep greedy for wanting a higher offer? They are trying to minimize their loss and more money minimizes it.
I 100% agree with you they should work on 1 offer at a time, but if they actually approved the $125,000 and you got an approval letter, then I can't see why they wouldn't stop an auction. The way I'm reading this is they countered to that amount and then saw an offer that was higher. I can't blame them and believe me there is no one here that isn't a fan of FNMA more than me, but this is a business decision for them, not personal and if they are netting more with a higher offer of course they are going to want it.
HI Smitty, my issue was particularly regarding the foreclosure sale not being postponed-if they want the higher money they should postpone the sale. It took much effort and much complaint, but Fannie Mae finally took the reigns and put in for the postponement of the foreclosure sale. Originally each company said that the other was responsible for postponing the sale. I am fine with their decision about price-I just needed the time to close it. Thank you all for your feedback.
Good. I'm glad they postponed. BTW it's common they both point fingers too. As long as you got your end result.