Help - Freddie Mac HAFA demands from seller - Short Sale Superstars2024-03-28T16:15:28Zhttp://shortsalesuperstars.com/forum/topics/help-freddie-mac-hafa-demands-from-seller?commentId=3468065%3AComment%3A210211&feed=yes&xn_auth=noHow do you know this?tag:shortsalesuperstars.com,2012-02-05:3468065:Comment:2105672012-02-05T18:37:36.185ZWendy Smithhttp://shortsalesuperstars.com/profile/WendySmith
<p>How do you know this?</p>
<p>How do you know this?</p> Good grief.tag:shortsalesuperstars.com,2012-02-05:3468065:Comment:2106812012-02-05T18:36:27.083ZWendy Smithhttp://shortsalesuperstars.com/profile/WendySmith
<p>Good grief.</p>
<p>Good grief.</p> Frightening but plausible the…tag:shortsalesuperstars.com,2012-02-05:3468065:Comment:2105332012-02-05T16:52:36.384ZJoy Bakerhttp://shortsalesuperstars.com/profile/JoyBaker
<p>Frightening but plausible theory, Joseph. Thanks for responding!</p>
<p>Frightening but plausible theory, Joseph. Thanks for responding!</p> Mt theory is that Freddie is…tag:shortsalesuperstars.com,2012-02-05:3468065:Comment:2102742012-02-05T16:46:47.742ZJoseph Alfehttp://shortsalesuperstars.com/profile/JosephAlfe
<p>Mt theory is that Freddie is in much worse shape than Fannie. Both GSE's are desperately looking for private buyers. Also, with past and present Freddie Sr. Management under federal indictment for mortgage fraud, plus the new revelations that Freddie bought default swaps on their own product, lead me to believe that Freddie is trying some accounting trickery. See, if they foreclose, the don't have to show an immediate loss like in a short sale. The REO is shown on their books as an…</p>
<p>Mt theory is that Freddie is in much worse shape than Fannie. Both GSE's are desperately looking for private buyers. Also, with past and present Freddie Sr. Management under federal indictment for mortgage fraud, plus the new revelations that Freddie bought default swaps on their own product, lead me to believe that Freddie is trying some accounting trickery. See, if they foreclose, the don't have to show an immediate loss like in a short sale. The REO is shown on their books as an asset. We know that once they dispose of the asset their losses will be much greater, but for the time being it looks like their balance sheet is stronger than it is.</p> Joseph~
I had not heard that.…tag:shortsalesuperstars.com,2012-02-05:3468065:Comment:2102722012-02-05T16:35:19.667ZJoy Bakerhttp://shortsalesuperstars.com/profile/JoyBaker
<p>Joseph~</p>
<p>I had not heard that. Please enlighten me. Do you know what their rationale is?</p>
<p>Joy</p>
<p></p>
<p>Joseph~</p>
<p>I had not heard that. Please enlighten me. Do you know what their rationale is?</p>
<p>Joy</p>
<p></p> Hi Kathy,
I had a WF Freddie…tag:shortsalesuperstars.com,2012-02-05:3468065:Comment:2105182012-02-05T15:52:33.214ZPenny Howardhttp://shortsalesuperstars.com/profile/PennyHoward
<p>Hi Kathy,</p>
<p>I had a WF Freddie Mac HAFA. The HAFA contract required my seller to pay $574.00 per month until we closed escrow. I contacted my Negotiator and was told: The calculation is based on the 31% rule of loan modifications, they feel the seller owes them that amount anyway, but, the seller will not be kicked out of the program if he DOESN'T make the monthly payment. WF could not take the monthly payment language out of the contract.. Seller did not make the payments and we…</p>
<p>Hi Kathy,</p>
<p>I had a WF Freddie Mac HAFA. The HAFA contract required my seller to pay $574.00 per month until we closed escrow. I contacted my Negotiator and was told: The calculation is based on the 31% rule of loan modifications, they feel the seller owes them that amount anyway, but, the seller will not be kicked out of the program if he DOESN'T make the monthly payment. WF could not take the monthly payment language out of the contract.. Seller did not make the payments and we remained in the HAFA program. What killed this short sale was the required sales price by WF/Freddie was too high for the product and I was forbid to reduce my list price or they would close the file and kick us out of the HAFA program. The contract also required that my seller vacate the property prior to close of escrow (this was due to seller's lifestyle & behaviors - I did not blame the lender for this ruling). Seller refused to comply so we canceled the listing.</p>
<p>I don't think I will take a Freddie Mac again either...I have successfuly closed a BofA HAFA with no problems whatsoever but it was not a Freddie.</p>
<p>Good luck Kathy.</p> I closed on 2 Freddie deals i…tag:shortsalesuperstars.com,2012-02-04:3468065:Comment:2102112012-02-04T11:55:48.623ZBryant Tutashttp://shortsalesuperstars.com/profile/bryanttutas
<p>I closed on 2 Freddie deals in the last couple of weeks and there was no issue at all getting them approved and closed.</p>
<p>I closed on 2 Freddie deals in the last couple of weeks and there was no issue at all getting them approved and closed.</p> a few but it's been difficult…tag:shortsalesuperstars.com,2012-02-04:3468065:Comment:2100462012-02-04T03:51:31.576ZJoseph Alfehttp://shortsalesuperstars.com/profile/JosephAlfe
<p>a few but it's been difficult. We are no longer even accepting Freddie files, too much work.</p>
<p>a few but it's been difficult. We are no longer even accepting Freddie files, too much work.</p> Joseph, Have you closed any…tag:shortsalesuperstars.com,2012-02-04:3468065:Comment:2101352012-02-04T03:45:29.118ZKevin - Greenville, SChttp://shortsalesuperstars.com/profile/KevinMWillson
<p><span>Joseph, Have you closed any recently?</span></p>
<p><span>Joseph, Have you closed any recently?</span></p> As I have said before, Freddi…tag:shortsalesuperstars.com,2012-02-03:3468065:Comment:2102002012-02-03T23:37:42.318ZJoseph Alfehttp://shortsalesuperstars.com/profile/JosephAlfe
<p>As I have said before, Freddie has an internal directive NOT to approve short sales any longer. They will not say this overtly, so they are simply making it difficult at every step of the process.</p>
<p>As I have said before, Freddie has an internal directive NOT to approve short sales any longer. They will not say this overtly, so they are simply making it difficult at every step of the process.</p>