Replies to This Discussion

Permalink Reply by Jim McCormack on March 5, 2013 at 9:25am

I think the document you are referring to applies only to FHA short sales.

Permalink Reply by Celeste ODea on March 5, 2013 at 4:49pm

I suggest you contact Freddie Mac and ask them yourself.  I have found that WF does not tell the truth and they probably never contacted FM in the first place.  This has happened on two of my deals where they said "the investor wants..." when, in fact, the investor has never heard from WF.  WF used to be great to work with, but something has happened to them and they are more unrealistic or incompetent.  I have had one that has been going back and forth for 8 months where they said, "HUD rejected it because... HUD wants this..." when, after calling HUD directly, I find out that they have no correspondence or communication from WF on the file at all.  Not good.  So, I suggest you go directly to the investor.  It can't hurt.

Permalink Reply by Michele M. Hunt on March 5, 2013 at 6:56pm

I just had the same thing happen to me with Freddie Mac...the house is valued around $60,000 and I have a cash offer from a buyer willing to pay $80,000.  Freddie Mac (US Bank is the servicer) is requiring $157,000 as their net payoff, which is nearly the entire loan amount. 

I believe this is a strong arm tactic to bully the seller into continuing to make their monthly payment.  They apparently have different guidelines for performing assets than they do for non-performing assets and it should be a crime to make everybody jump through hoops because we believe they are acting in good faith, just to have them shut everything down at the eleventh hour.

I am making a call to my congressman tomorrow.

Permalink Reply by Ken Patterson on March 6, 2013 at 8:13am

I have called and sent my congress people emails.  I have sent complete files with the seller's authorization.  It return I have always received the same thing...  "Bubkiss!!" 

Permalink Reply by Ken Patterson on March 6, 2013 at 8:12am

Thanks to everyone for your responses.  I agree that Freddie and Fannie are a pain.  But in my experience, they have ALWAYS been a pain.  LoL!  They just find inventive ways to continue to be a pain.  I have been made aware that our seller did not miss her January and February payment as we were advised.  Soooo...  I have asked that the file be closed.  We will refire it in 30 to 45 days and see what happens.  I can say that I have completed a lot of short sales, but this is the first time a seller has said they have missed payments and did not.  It is always the exact opposite... "I have only missed a payment or two" when they really have missed a year or two.  LOL!!

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