Legitimate Hardship, Heading into Foreclosure... FILE DECLINED WITHOUT ANY FEEDBACK. Help!
Help, short sale superstar extraordinares!! This file blows my mind. I have this wonderful family desperately wanting to short sell their home. They are down to one income and are swimming in medical bills. My client won't even go to the Dr. anymore because of ever growing debt. They were scrounging up money to stay current. We applied for a short sale in October. It was denied, saying they didn't meet investor guidelines for imminent default. Since they weren't delinquent, that didn't surprise me. They finally couldn't do it anymore and stopped making their payments. Now 4 mo. behind, we resubmitted the file. The negotiator never answered her phone. When she did, she picked up with the greeting: "I'm on the phone with another file, please hold. There is no estimate for your wait time." So I would wait... 10, 15, even 20 minutes and she never returned to the line. My next logical step was to call the main line and speak to a customer service rep. to get a status update, Boy was I wrong! Ryan, the customer service rep, berated me for doing so, saying I should only call my negotiator. He was rude and condescending -- Green Tree should be embarrassed by his behavior. I hope Green Tree is recording all of their calls and can go back and hear the way he treats people. I wouldn't talk to my enemy the way he spoke to me. Terrible!
This morning I called my negotiator again. She picked up with her not-so-friendly--I'mputtingyouonholdandImaynevercomeback greeting. So I sat there and waitd...15 minutes later she picked up, only to tell me that there was no current short sale in the system. It was declined on Friday. No counter, no communication, nothing. Just declined. I've escalated with Fannie Mae, but would love others advice as to next steps. Thanks in advance!
Replies to This Discussion
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Permalink Reply by Stephanie Hart CA 310-930-2342 on
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Honestly I think they applaud the employees when they are harsh! Greentree was one of the worst! I liked my negotiator...but not the account manager. They threaten and demand payments during every call! It's crazy. I hope you find some sort of answer... It was a long road for me.
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Permalink Reply by Sharona Byrnes on
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A good place to start is resubmit the file again. I would keep submitting until you finally get them talking to you. :)
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Permalink Reply by Linda Cadotte on
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I would not hold up for help from Fannie Mae. I just worked a Fannie Mae with Green Tree. After 56 showings with gradual price reductions, I got an offer that they should have accepted. Fannie Mae wanted $30,000 more. I disputed the value on the FM Homepath Website to no avail. They will not even speak with you. The negotiator simply parrots the value of FM, not one dollar less. I raised the list price $30,000. A week later, the family received date for auction. since I was not getting any showings, I gradually reduced the price, obtaining another offer close to the first. When i called the negotiator,I was told the file was closed to SS, and I would have to resubmit the entire package with up to date financials. Also, was told they would not even consider any offer less than the previously established value. The property went to foreclosure and a day later was assigned to a foreclosure agent. I can't wait to see the new list price. I want to know if anyone knows who in Fannie Mae will listen to these stories. This is clearly not right. I have to assume there is some hidden incentive the investors/lenders are getting that makes foreclosure more profitable for them. Unless they spend $20,000 to fix up the property, they will not get the $30,000 more they want. That $10,000 profit will be eaten up by legal expenses, yard maintenence, etc. Sooo, what is up with this?????
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Permalink Reply by Mike Aubele on
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Fannie and Freddie write their own rules. They own it all. The NAR have no pull. The tax payers are always willing to bail them out constantly.
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