My Wells Fargo negotiator (servicer for the 1st Freddie Mac lien) is claiming that Freddie Mac will allow $6,000 or 10%, whichever is less to be paid to Jr lien holders. The 2nd lien is for roughly $45k so he's saying the maximum he can allow to the 2nd is $4,500. The 2nd lien is serviced by Chase and that negotiator is saying that Freddie Mac's guidelines allow for $6,000 to go to Jr lien holders regardless of the current loan balance, as of September 1st.
Which negotiator is wrong? What Are Freddie's current guidelines? Does anyone have the Freddie Mac bulletin or All Regs page that addresses Jr liens? I can only find the bulletin that goes into effect November 1st.
Thanks,
Jim
**********************************
like buttons
Replies
that is correct new guidelines allow $6k for Freddie and fannie
FYI: see the following links / pdfs for guidance and 411 on the junior lienholder issue:
- Making Home Affordable® Program – Administrative Clarifications - A... - https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/sd1306.pdf
- FHFA Announces New Standard Short Sale Guidelines for Fannie and Fr... -
http://www.fhfa.gov/webfiles/24211/shortsalesprfactfinal.pdf
- Home Affordable Modification Program: Overview - https://www.hmpadmin.com//portal/programs/hamp.jsp
- Standard Short Sale/HAFA II and Deed-in-Lieu of Foreclosure Require...
https://www.fanniemae.com/sf/guides/ssg/annltrs/pdf/2012/svc1219.pdf
I believe it is $6000 Cap! Trying to find my chart too!
YOu should really post your tool here :) I'd really like a copy too.
Hi Beverly,
Will you send me a copy of your chart as well? My email address is CandiEberhardt@aol.com. Thank you!
OOpppsss... my eMail address is Lori.and.G-ii@RealEstateInPhoenix.net. Thanks again :-)
Hi Beverly, would you also send a copy of your 'chart tool' to me. Thanks Lori
Beverly, when you found your chart, do you mind sending me a copy? I would really appreaciated, thank you. trong.dang1@gmail.com