I am having the same problem with Fannie Mae at Chase Bank. They overvalued the property by $90,000. I escalated the file to dispute the value. They came down $20,000. Property is scheduled for sheriff sale tomorrow. Had a contract for property at $270,000. Sheriff value is $288,000. How can Fannie Mae expect to get more than the property is worth. I have the same problem with all my FNMA short sales.
There has not been any sales in the past 6 months in the neighborhood above $300,000. Those properties are in good condition. This property needs at least $50,000 in repairs. 14 cats and 4 generations live in the property. The property has not been maintained in years.
I contacted an attorney to see how to file a class action lawsuit against FNMA. I have contacted our State Senator with no response yet. I do not know where else to go. I attended FNMA's webinar last week with Robin Still. They claim their values are not over inflated. They are trying to keep prices up in the neighborhoods. Can you imagine how much less the properties will sell for if they go to sheriff's sale?
Does anyone know how to get in touch with Robin Still at FNMA?