Comment

Comment by Tara Samney on June 27, 2013 at 6:57am

Oh, and thank you Kevin negotiator told me Freddie Mac will likely payoff the entire  junior lien (as it is under $6000)...of course anything can happen during their review. 

Comment by Tara Samney on June 27, 2013 at 6:55am

I had an interesting discussion with a negotiator on a Freddie Mac loan.  She told me the system automatically gives a very higher value as a counter (higher than the BPO ) if the borrower is current or only a few weeks behind at the time of BPO.  It flags the account. She said she called me to discuss it so she could manually override the value.  She gave me an idea of what BPO was and this # she was supposed to say was over 20% higher.  Our offer is right at appraised value and she is forwarding it along to Freddie Mac.  I find this interesting b/c in hindsight I wonder if that's not how I got some of my crazy values.  Apparently, she had to have a conversation with me to override it. 

Comment by Tara Samney on May 15, 2013 at 1:21pm

I have a Freddie with Chase.  Negotiator is ready to send it to them but a problem with the 2nd came up. Very small loan with a local credit union- $4000, tied to the house as it was used for improvements.  They verbally agreed to release upon a letter from Chase and will have seller do new paperwork essentially keeping the loan.  Seller was fine with that and is not behind on that loan.  Negotiator said she checked with a closer and Freddie Mac can not give a deficiency waiver unless all junior liens give deficiency waivers.  Is this true?  We put 6% of the balance on the HUD $240 but negotiator said we need to find how much much they want to release deficiency.  How much can they pay up to?  Thanks!

Comment by joe beauchamp on May 7, 2013 at 7:53am

AnaLee, if your servicer is BofA, they have a new one - their own new form. Even though they just got the form pointed to by Paula in March, they demanded their new form in April and their new 701 form redone. I don't see BofA's form on their website.

Comment by Paula Bachman on May 7, 2013 at 6:49am

Freddie%20Mac%20SS%20Addendum.pdf

This is the latest affidavit I have in my files.

Comment by AnaLee Schnell on May 7, 2013 at 6:45am

could someone please send me a copy of Freddie Mac's short sale affidavit? For the life of me I cannot find one.

Comment by Rosemary Brooks on March 10, 2013 at 8:28am

If you would like more information on how Freddie Mac Short Sales work, get updates or ask a question - tune in on Mar 14th at 11:00am PST to hear from Freddie Mac via a conference call.  

1.  go to:  http://cvra-freddiemacshortsales.eventbrite.com to register

2.  send in your questions to [email protected] by March 12th

3.  Tune at 11:00am on March 14th.

* after you register, you will get the Freddie Mac short sale packet

* if you send us your short sale questions we will forward them on to Freddie Mac

Looking forward to you and all your peers being on the line.  Hurry and register!

Comment by Barbara J. Rice on February 1, 2013 at 4:04pm

Patricia: its been known to happen that a seller makes a partial ($72.90?) mortgage payment to the 2nd lien to help things along. I'd negotiate the arrangement with the 2nd lien before suggesting to your seller and understand that you don't have any leverage if the 2nd still wants more. Good luck!

Comment by Kevin - Greenville, SC on February 1, 2013 at 11:56am

If the subordinate lien holder will not release its lien for $6,000 (or a lesser amount if there are other subordinate lien holders), can the borrower or another party contribute to the lien release payment?

If the subordinate lien holder is accepting $6,000 (or a lesser amount if the $6,000 is being divided among more than one lien holder) in exchange for a release of its lien, it cannot require or accept additional funds from the borrower, real estate professional(s), buyer, or other party to the short sale transaction. When funds are offered from the short sale proceeds to satisfy a subordinate lien, the intent is to obtain a complete settlement of the lien and debt using those funds alone.

http://www.freddiemac.com/singlefamily/service/short_sales_FAQ.html#18

Comment by Kevin - Greenville, SC on February 1, 2013 at 11:54am

Can the Listing Agent contribute with the shortage between what the 1st lien approved to the 2nd and what the 2nd will approve.  Nope.

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