I'm looking for help/suggestions dealing with Fannie on a predatory loan. The borrowers took out an 80/20 back in the day and both notes are interest only ARMs & they've been paying on them for 9+ years.Because their credit isn't bad, Fannie is requesting a 10yr prom note for 17% of the loan balance. I've been scouring the servicing guidelines and can't find anything about crappy loans like this other than they may have been eligible for HARP at some point.Any suggestions on how to fight…See More
"Just tried to call 800-FREDDIE to escalate an issue w/ the servicer. Received a message that the call center is closed from 12:30-1:30 for lunch. What a customer service fail. Does anyone have a back door number they could share?"
"As far as equator is concerned, just re-initiate the short sale. Unfortunately you will have to start from scratch on that end. Hopefully you'll sail through the early steps as your docs were previously approved.Kevin's…"
"Has anyone experienced anything fishy with the end of auctions on auction.com?
I'm currently watching one of my listings that was supposed to be finished 45 minutes ago. Each time there is a bid, the clock is resetting to 1:47 and when it…"
"I found this department to be worthless. They sat on the issue for a month and the response was doubletalk.
If you're communicating through the Mortgage Assistance Point, they have no authority and are reading the notes on the file. …"
"Have you called the Short Sale escalations? 866-880-1232 option 5. They can take a look and hopefully provide some additional details. They can apply pressure to the owner of the file to call you and escalate at the same…"
"Maria, based on what you've said, I don't think this is a HUD\FHA loan. It sounds more like Fannie Mae. Knowing which investor you're dealing with is one of the key first steps. call Wells and ask them or look it up…"
"Andy, always question anything a servicer says. Its in their best interest to keep this mortgage going. Ask why she was turned down & challenge it. Find out your client's FHA case number, send a 3rd party auth to…"
"Marilyn, provide the negotiator with a copy of the approval letter or evidence that the first is owned by a GSE. If they balk, escalate. Don't settle for anything outside of what the first will pay. They will try all kinds of tricks…"
"Andy, a few questions\ideas to try to give you some direction
1. when did you start the process? If it was prior to 10/1/13 they may have used the old guidelines. In which case, try again!
2. How far away did she move? Might…"
"Go to the investor directly and file a complaint. I would also file a complaint with the Consumer Finance Protection Bureau and the state AG office. And make sure that Nationstar is aware that you are taking this steps."
"Any time you feel like you're getting the run around or an unreasonable request, escalate it. 866-880-1232, option 5. A signed letter from the bank stating the buyer has the funds to close should be sufficient."
I'm the designated Short Sale Specialist for Pickett Street Properties (http://www.pickettstreet.com). We are a high producing team at Keller Williams Realty Bothell serving King and Snohomish counties in Western Washington. This area includes Seattle, Bellevue and Everett. We are a full service real estate team that assists sellers with short sale and traditional listings, buyers, investors and foreclosures.
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