FLORIDA SELLERS NOT ELIGIBLE FOR FANNIE MAE HAFA PROGRAM IF FORECLOSURE PROCEEDINGS ARE PENDING???
FYI... I just learned the hard way and was just advised by Fannie Mae that:
Without Fannie Mae’s prior consent you must not consider or solicit a borrower for HAFA if the mortgage loan is secured by a property in Florida on which foreclosure proceedings are pending, judgment has been obtained, or a hearing on summary judgment or trial is scheduled within 60 days
Here is the link: https://www.efanniemae.com/sf/servicing/pdf/loanworkoutfactsheet.pd...
"The mortgage loan is secured by a property in Florida on which "foreclosure proceedings" are pending"... Isn't that 95% of the sellers applying for short sale??
Most banks start the foreclosure process when a seller goes 91 days late.
- Does this Fannie Mae Eligibility Guideline sound crazy to anyone else?
- Is this a loophole that let's Fannie Mae out of having to do the HAFA program?
- Has anyone ever been able to get prior consent from Fannie Mae?
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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In general, I can't answer you. Be aware, FNMA and Freddie do their own HAFA's - if you call the HOPE hotline, they will tell you that they can do nothing about FNMA HAFA because it is a "private program" - they just call it HAFA.
I have found FNMA HAFA to be jacked around multiple times at BOA since last summer. You'd think that a fed bailout sucking billions from us over and over would cooperate with federal efforts to help in the housing situation - they do not.
This may be weasel words and someone in FL can probably tell you how it is, but possible "permission" is something automatically given to FNMA servicers, and possibly "pending foreclosure proceedings" means something specific like 30 days before sale.
Other thoughts: possibly the FL laws are such that once foreclosure is pending, something like considering a short sale stops the clock or stops the foreclosure forever - they could be forced into proceeding to be sure that they don't lose the right to ever get some payback - politicians can do some really screwy stuff, and I know that there are states where it costs the bank a lot to postpone a sale and then restart it later - so they won't..
And, from my contacts with FNMA, they don't care at all about the homeowner OR the taxpayer (their bailout real client). (One called me back and told me it was the banks money, another called me back and said he wouldn't bother to look at the file??). They seem to spend all their effort scoring more bailout from the feds. (To give you a flavor of their attitude and lack of oversight.)
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Permalink Reply by Liane Jamason on
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Michael - do you have a buyer still at this point? If not, post the address and we'll see if we have one for you. Yes I've been told before that sometimes when the bank is being difficult if you drop HAFA, it'll sail right through. Try, try again!
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Permalink Reply by Michael Valdes on
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I still have a buyer with backups as well... thank goodness!
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