Replies to This Discussion

Permalink Reply by Brigitte Powell on November 1, 2010 at 3:41am

Hi Ben,
Heard nothing about this. I have one with Wells Fargo and they are foreclosing on it. I have an offer on it, but they are dragging their feet and I refuse to get anymore grey hair about this one. They must think they have other ways of getting more money.

Permalink Reply by Jeff Payne on November 1, 2010 at 3:43am

Ben, the wheels are in motion, give me a few hours and I should have something for you. Fannie Mae is pathetic, I hope they are reading this blog! Fannie Mae loves being a homeowner. In my area they account for about 4 out of every 100 sales. They own 4% of our total market. They will pay to renovate a property to make it marketable, they pay 7% commission, they pay high settlement fees (they choose their atty buddies to do the closings) all for REO properties. They act like short sales are the plague and do not want to work with us. We all need to start hammering them and hammering the people that represent us in govt to get something done. I have a feeling that the messed with the wrong guy, Ben !

Permalink Reply by Robin M. Willis on November 1, 2010 at 6:02am

Fannie keeps trying to send mine to foreclosure too. Yet I read that the taxpayers will have to pay more money to bail them out? We're getting hosed here, people. We pay 3 times.... once as homeowners when we pay our mortgages, second as citizens affected by the housing values dropping and the poor economy that has created, and finally as taxpayers when we dish out the cash so Fannie can continue business as usually, which consists of refusing to allow short sales so their payouts can continue.

Permalink Reply by Shari P on November 1, 2010 at 6:56am

Here is what Fannie is allowing for my closing costs, which was approved last Monday:
Escrow fee $638
Title insurance $1100
Co Tax $221
HOA delinquent dues and fees $4702
On all of the above, they are the full expense of the fee. HOWEVER, there were some weird standard seller fees that they would not approve that added up to about $400, which the buyer's agent and I will split to get this over with. The buyer is coming in with her own closing costs, a contrib to the second and the HOA special assessment, all of which Fannie would not pay.