Comment

Comment by Holly B. Long on May 16, 2012 at 4:04am

I had the same thing happen with Chase about a month ago...in that homeowner was ineligible for HAFA because she was "unemployed"....This is craziness that a person would be penalized further in  a short sale that requires a financial hardship and not be eligible for a HAFA short sale!  My homeowner is doing a traditional short sale --as that is all she can do....and hoping for a deficiency waiver

Comment by Jimmy Esqueda on May 15, 2012 at 1:55pm

My client has submitted a request for HAFA since he was not eligible for a loan modification with Chase.  The rep assigned to his file has just indicated to me that he doesn't qualify for HAFA because he's unemployed.  She mentioned this is per investor guideline.  This is a Freddie Mac loan.  I confirmed this with another rep at Chase however I can't seem to find this guideline.  Anyone else come across this?  You would think an unemployed seller would be the one in need of relocation assistance.  Any suggestions?  Seller does not qualify for Chase own incentive either.

Comment by Benjamin Campos on May 1, 2012 at 4:35am

Freddie Mac is not wanting to postponed my saledate per servicer .. I'm in Texas and today if foreclosure Tuesday .. What should I do ????

Comment by Jim Schneider on April 22, 2012 at 1:20pm

Freddie Mac Sets New Timelines for Short Sales to Help Add Transparency, Expedite Decisions

Servicers to Provide Weekly Updates When Decisions Take More Than 30 Days

MCLEAN, Va., April 17, 2012 /PRNewswire/ -- In an effort to make the short sale process more transparent, Freddie Mac (OTC: FMCC) is updating its timelines and also requiring servicers to provide weekly updates when decisions take more than 30 days after the receipt of a complete application for a short sale under the Obama Administration's Home Affordable Foreclosure Alternative (HAFA) initiative or Freddie Mac's traditional requirements. All decisions must be made within 60-days. Today's announcement marks the newest part of the Servicing Alignment Initiative (SAI) Freddie Mac and Fannie Mae launched in 2011 at the direction of their regulator, the Federal Housing Finance Agency, to set consistent servicing and delinquency management requirements. Last year Freddie Mac completed 45,623 short sales, a 140 percent increase since the housing crisis began.

News Facts

• Freddie Mac's new short sale timelines      require servicers to make a decision within 30 days of receiving either 1)      an offer on a property under Freddie Mac's traditional short sale program      or 2) a completed Borrower Response Package (BRP) requesting consideration      for a short sale under HAFA or Freddie Mac's traditional short sale      program. (BRPs are standardized assistance applications developed as part      of the Servicing Alignment Initiative.)
• If more than 30 days are needed, borrowers      must receive weekly status updates and a decision no later than 60 days      from the date the complete BRP is received. This will help servicers who      may need more time to obtain a broker price opinion or a private mortgage      insurer's approval on a BRP or property offer.
• In the event a servicer makes a counteroffer,      the borrower is expected to respond within five business days. The      servicer must then respond within 10 business days of receiving the borrower's      response.
• Freddie Mac will use the new timelines to      evaluate servicer compliance with the SAI and its own servicing      requirements.
• Freddie Mac completed 45,623 short sales in 2011, a 140 percent increase since 2009.      Overall, Freddie Mac has also helped more than 615,000 distressed      borrowers avoid foreclosure since the housing crisis began.

Quote:

Attribute to Tracy Mooney, Senior Vice President, Single-Family Servicing and REO, Freddie Mac:

"Short sales are more complex than routine home sales since they may involve multiple parties and long-distance negotiating. Freddie Mac's new timelines are intended to help make the decision process more transparent and timely for short-sales under the Obama Administration's HAFA program or Freddie Mac's traditional short-sale option. Today's announcement underscores our commitment to help reduce credit losses and taxpayer risks by supporting more opportunities for sustained occupancy in our nation's homes."

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. For more information, visit www.FreddieMac.com.

SOURCE Freddie Mac

Article

Comment by Robin Rowland, GRI, CSP on April 12, 2012 at 10:19am

They did not ask for one. I received an email from them about 2 hours after I sent in the dispute. They acknowledged receipt, said it was forwarded to the appropriate department and that they would reach out to me if they needed further documentation. Otherwise, they would communicate the outcome to Chase w/in 7-10 business days. Good luck on yours. 

Comment by Corinn on April 12, 2012 at 9:30am

Thank you Robin.  I'll keep you, and all the other members in the loop, if I get something.  Did you include an Authorization Form in your email to Freddie?  I'll send an email to the one you listed, and hope that it gets me somewhere.

Comment by Robin Rowland, GRI, CSP on April 12, 2012 at 9:10am

Corinn- I requested on earlier this week when my BPO Dispute via Chase did not produce the results I needed. The rep at Freddie Mac instructed me to email the dispute to [email protected] but then did not tell me to use a particular form or format.

Comment by Corinn on April 12, 2012 at 8:28am

Does anyone know if there is a specific value dispute form that you use with Freddie loans?  I have one for Fannie, so thought maybe Freddie had one too.  Thanks!

Comment by Nate on March 29, 2012 at 1:16am

its crazy never had any bank deny for this reason, said because he made to much money which is half true

Comment by Tni LeBlanc (805) 878-9879 on March 28, 2012 at 11:25am

Hi Nate, Just curious.  What was the reason they gave?  Tni

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