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Freddie Mac Escalation for BofA Short Sale

Posted by Diane and Doug Briggs on July 30, 2010 at 6:33am in Short Sale Discussions
We've had a short sale offer submitted through BofA that has been sent off to Freddie Mac to approve.  It's taking a very long time to get the investor response.  We've called Freddie Mac to get status and unable to escalate further.  BofA keeps trying as well but no response from Freddie except for "decision pending".  Any suggestions to get the investor to look at the file now?

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Replies

  • Elva Branson-Lee June 13, 2013 at 4:53am

    Update: I just called the number given below for the Outreach Team and was redirected to an 800 number which when dialed was answered by an apparent "personal ad" for a hot 18 year old!!  Weird.

  • Dan Scott August 14, 2012 at 8:20am

    Both Fannie and Freddie are relatively inflexible.  They use no common sense.  I just tried to escalate a file further to get the sale date postponed to no avail.  The home will be foreclosed tomorrow.  The seller did everything the right way, but people who handle the HAFA program for BofA (REDC Default Solutions) did a terrible job!  They still use faxes rather than email to collect documentation.  They lost the documents over and over and then declined HAFA after over 3 months.  BofA then offered a Cooperative Short Sale and never gave us a price and completely dropped the ball on it and 2 months later declined.  We had an offer where the buyer waited almost 90 days to get approval, and the FHA guidelines changed 3 weeks before the approval, so she no longer qualified.  Got a second offer approval relatively quick and the buyer had a death in her immediate family and had to relocate out of state.  Got the 3rd offer submitted for approval which netted the investor $3400 more than either of the prior offers, but they would not postpone the sale date because they had postponed it earlier!  The seller has paid HOA dues and maintained the property after moving out to accommodate the buyer who did not finish the deal...and now she will have the foreclosure on her record! I was told by a member of the escalation team that they can do nothing once the investor (Freddie Mac) says no to postponement.

  • Chett Salzman May 2, 2011 at 7:05am

    And what was her extension?

    Does anyone as of today have any good internal numbers to Freddie Mac?

  • Kelly Magreevy January 26, 2011 at 5:29pm
    I want to thank you guys for posting Kim Easton's number! I got very lucky when I called Freddie Mac line and asked her for her extension, I said she was expecting my call! I told her about my short sale at B of A and how it was declined because the military member was paying on his mortgage  and the loan was performing. The airman was just relo to another state and his wife lost her job. But that he was going to start missing his mortgage payments. Kim was patient, listened, said she couldn't work the file but hooked me up with someone at Freddie Mac and his e-mail address. Get this! This agent contacted B of A told him to re-open the file NOW and send it over. I did lose buyers # 2 but by luck, I got a cash buyer. I submitted the entire short sale package again, was assigned my same negotiator in ONE DAY and file went right to Freddie Mac within a week! We closed 21 days later, got paid full 6% commission, and no defeciency judgment language in the approval letter! My clients only got one 30 day late, I worked my a*& to prevent that from happening but because this happened right before Xmas and New Years there was no avoiding it. My clients are super happy with me and sent me a HUGE edible arrangement! Anyways, convinced that this hadn't happened if it wasn't for this website. THANKS SO MUCH EVERYONE!
  • Neil McDaniel September 8, 2010 at 6:46am
    Stephanie, I also tried calling Kim Easton with FM. Left several messages at the number listed above with no indication it was Kim's direct number and never received a call back. Regarding the auction date scheduled for tomorrow your negotiator with Wells should be able to postpone. In some cases they even wait until the morning of the auction to postpone the sale so my suggestion is to call your negotiator and call Wells' short sale customer service dept and request the postponement twice.

    Good Luck,
    Neil McDaniel
    Central Oregon
    541.350.9579
  • Stephanie Fix September 8, 2010 at 2:24am
    Diane, I appreciate Kim Eason's phone number. I just left her a message however there was no name on the vm to identify that it was her voicemail. I have a short sale that has an auction date tomorrow. Wells Fargo is waiting for Freddie Mac to grant the postponement. I need some additional help if others have ideas. Unless I do additional leg work I am concerned that all the property will go to auction tomorrow. Thank you.

    Stephanie Fix
    RE/MAX Professionals Denver
    303-885-4693 cell
  • Diane and Doug Briggs August 30, 2010 at 12:15pm
    Found a contact inside of Freddie Mac that approves BofA short sales. Kim Eason. 703-762-4418. Called her phone and spoke live with her. Received approval next day. She's awesome!
  • Neil McDaniel July 30, 2010 at 7:42am
    877.518.8429 Freddie Mac Borrower Outreach Team.
  • Deidre St. Romain July 30, 2010 at 7:03am
    What is a "very long time" - 3 weeks, 3 months? It's all relative...seriously though you should "get in their face" so to speak. If you don't like the answer of one person, hang up and get someone else - you don't like that answer push, ask for a supervisor, push some more. Anyone on here have a contact number for Freddie?
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