FNMA credit toward 2nd lien
Hello all,
I have an approval from Citi on a short sale. Citi is the servicer and FNMA is the investor. There is a second lien in the form of an equity line of credit with USAA. Citi/FNMA have agreed to give USAA $6,000 to release the lien. USAA wants more (of course). I've been told by Citi that FNMA guidelines state that they will not go above 6% of sales price with a cap of $6k. I've heard this before, but USAA is requiring something in writing from FNMA regarding this guideline. Can anyone be of help?
I have an approval from Citi on a short sale. Citi is the servicer and FNMA is the investor. There is a second lien in the form of an equity line of credit with USAA. Citi/FNMA have agreed to give USAA $6,000 to release the lien. USAA wants more (of course). I've been told by Citi that FNMA guidelines state that they will not go above 6% of sales price with a cap of $6k. I've heard this before, but USAA is requiring something in writing from FNMA regarding this guideline. Can anyone be of help?
Replies to This Discussion
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Permalink Reply by Eric Mieles on
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This obviously is becoming an increasingly BIG problem. I have run into this with a PNC deal that I successfully got done (message me) and I just ran into this again with a US Bank Freddie.
They will not allow anyone else to contribute to the lien and the Jr lien must release for the amount the investor is willing to pay and nothing else.
I'm trying to get the directive in writing as well. Please let me know what you find.
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