I have a short sale with an approved Fannie Mae first loan giving Citi $6,000. We had a Citi approval for $6,000, but our buyer walked.
We got the new Fannie Mae approval on 9/28, again giving Citi $6,000 because that's the max allowed under Fannie Mae HAFA guidelines. Then I found out that Citi had charged off the loan (our Citi negotiator never bothered to mention that little detail although I was in contact with him and Citi while we were waiting for the approval and Citi even called me several times asking for updates). I resubmitted the short sale to the recovery department and they sent it back to Citi for approval. Today, I received an e-mail that said that Citi wanted $8,500 and their reason for wanting $8,500 instead of $6,000 was because their records show that the loan was not originated by Fannie Mae. They don't dispute that Fannie Mae became the investor after the loan closed, but they claim that the Fannie Mae HAFA guidelines only apply to Fannie Mae originated loans.
Has anybody out there ever encountered this same problem???
Tags:
'but they claim that the Fannie Mae HAFA guidelines only apply to Fannie Mae originated loans.' - Incorrect statement. Find someone else at Citi to speak and have the get their FNMA Portfolio Manager on the line.
Update The rep from the recovery department forwarded my e-mail with comments regarding Fannie Mae HAFA limit to Citi and I was notified yesterday that Citi approved the short sale for $6,000. I had to show it was a Fannie Mae loan which I was luckily able to do. It's all good. The one thing I can say is that the recovery department acts a lot more promptly than Citi did before the charge off.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.