Comment

Comment by Nate on March 28, 2012 at 10:10am

Anyone have some special contacts at Freddie?  I have a chase servicer manager deny my short sale file and need to escalate.  Thanks!

Comment by Michael Schneider on March 5, 2012 at 9:51am

They think of HAFA as a downstream alternative to the modification, so if 31% of income is affordable for a modification, then ... 

And, if they just don't pay, then what?  As punishment, we're going to foreclose and drag those 80 year old criminals into court?  Man, would I be scared!!

Comment by Wendy Smith on March 5, 2012 at 9:26am

I have a BoA SSA (freddieMac investor) with a monthly payment that eats up 1/3 of the borrowers monthly income (social security) - BOA says Freddie never waives or reduces the monthly payment requirement.  I know Fannie will reduce monthly payment amount, but anyone have input re Freddie?  I find it strange that these GSEs can require a monthly payment on HAFA short sales. 

Comment by Kevin - Greenville, SC on February 19, 2012 at 3:07pm

■ Reinforcing the requirement that the Servicer, for itself and on behalf of Freddie Mac, must waive all rights to seek deficiencies for short payoffs and deed-in-lieu of foreclosure transactions on Freddie Mac Mortgages that have closed in accordance with the Guide.

http://stopforeclosurefraud.com/2012/02/17/freddie-mac-to-servicers...

Comment by Michael Schneider on February 2, 2012 at 4:28am

I would check the Service Members Civil Relief Act.

I thought this policy was dropped by the GSEs?  Push again, I think.

Pretty such these guidelines are public btw.  Google freddie mac servicer guide.

Comment by Pam Graham on February 2, 2012 at 3:05am

I have a short sale with AHMSI, Freddie Mac is the investor. We have been told that per Freddie's guidelines, they have to be 30 days late on their mortgage. They are not late, their hardship is that they got their orders from the Navy to move April 25th and are trying to sell now. Once they move, they can't afford both and will be taking a $600 per month pay cut. Has anyone had Freddie make exceptions to this rule? They want to continue to pay their mortgage for as long as they can but they want to get the short sale started soon too.

Comment by Kevin - Greenville, SC on January 20, 2012 at 5:13pm

SHORT PAYOFF REQUIREMENTS
We are updating Chapter B65 to provide additional guidance with respect to Freddie Mac’s short payoff
requirements. Specifically, we are:
■ Providing that short sale negotiation fees must not be deducted from the proceeds of the sale or
charged to the Borrower
■ Clarifying that all amounts paid to any party in connection with the short payoff transaction,
including payments made to holders of other liens on the Mortgaged Premises, must be accurately
reflected on the HUD-1 Settlement Statement and the amount and recipient of the payments must be
clearly identified
■ Allowing a Borrower to receive a payment upon the sale of the Mortgaged Premises only if the
payment is offered by the Servicer, approved by Freddie Mac, and reflected on the HUD-1 Settlement
Statement
■ Revising our short sale affidavit requirements to clarify that statements made in the affidavit are made
to the best of each signatory’s knowledge and belief and that each signatory is liable for his or her
negligent or intentional misrepresentations, but not those of other signatories to the affidavit.
We are also providing other additional guidance with respect to the short sale affidavit, including the
information that must be included in the affidavit.
The above changes are effective for short payoffs approved pursuant to Chapter B65 on and after
January 1, 2012. However, Servicers are encouraged to incorporate these changes immediately.
Sections B65.37, Eligibility Requirements, and B65.40, Approval Conditions, have been updated to
reflect these changes.

http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1123.pdf

Comment by Joanne Hodge on January 18, 2012 at 5:25am

California -- FDMC is the investor for the 1st, and is offering only $1000 to the 2nd  on a $40,000 HELOC.  2nd will stonewall and let 1st foreclose so they can go after homeowner later, 2nd is cash out refi.  Any advice?

Comment by Justin Berry on November 1, 2011 at 10:19am

Well we able to close but I don't think our Freddie escalation helped much.  We tried the BofA executive resolution too.  We pushed HARD.  Both Freddie and BofA told us the postponement requests were denied.  They were quoting aged foreclosure timelines as the reason for denial, but the truth came out that they had a high BPO and felt they could get paid in full.  It turns out we were able to get them paid in full (thank you cash buyer) but we are still uncertain as to why we got our postponements.

Comment by Justin Berry on September 29, 2011 at 5:01am

I just called 800-373-3343 to get help....It sounds like that are going to try and postpone for me on a BofA file.  Fingers crossed - I'll let you know how it goes.

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