HELP NEEDED NEGOTIATING WITH FANNIE MAE & IBM

Received approval letter on 11/3/10 with a 11/30/10 closing date. Letter included release of lien and no deficiency and no repayment amount.

Buyer's lender appraisal, not a BPO but full appraisal by licensed appraiser, came in at a sligthly lower sale price.  Submitted appraisal, revised HUD and request to extend COE to 12/31/10.

Last week received verbal that investor, Fannie Mae, had approved sale but the COE date had not been updated.  Called Fannie Mae to get a rush on this extension and received the new approval letter but terms have changed.


New letter agreed to the lower purchase price but now Fannie Mae wants Seller to sign a repayment note and COE by 1/31/11.

Seller can't and won't sign the repayment note.  Would rather let it foreclose.  Has anyone been successful negotiating with Fannie Mae?  Any suggestions?

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Replies to This Discussion

Permalink Reply by Robin Choi on January 4, 2011 at 10:26am

Diane and Doug, I have recently received three LBPS short sale files.  I received an approval today which has the reserves their right to deficiency.  When I called CS to send me a revised approval letter that stipulated they "never" waive their right to a deficiency and told me that all their letters are the same.  Anyway for you to show me the portion of your letter than waives the deficiency so I have something to go back at her with?  This would be a great help.  Thanks Robin

Permalink Reply by Diane and Doug Briggs on January 11, 2011 at 8:41am
Seller provided updated financials which were sent to investor for review.  Received email from negotiator sale approved with no repayment note for seller to sign.  It's been 6 days since I received that email and no approval letter has been faxed.  I'm told fax will arrive with 48-72 hours from receiving that email.  I've called CS and the Liquidations Short Sale Team and have confirmed sale has been approved.  Fax should be coming.  Even had a manager work on expediting the fax.  Still no response.  Getting to speak with a manager has been a real challenge.  Any suggestions for escalation? 
Permalink Reply by NANCY CARTER on January 13, 2011 at 10:03am

Hello Diane,

I have an approved shortsale with LBPS and the appraisal came in $9,000 less from our offer and they said that the investor wants more money and the investor is fannie Mae; do you have their contact info at Fannie Mae? PLEASE HELP!!! The buyers have signed all docs and she is paying $35.00 perdiem a day!!! The clock is ticking!!! They are letting this go into FORECLOSURE!!! 

Thank you so much for any help! 

Permalink Reply by Kevin - Greenville, SC on January 17, 2011 at 3:14pm

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