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What is the max amount that Fannie Mae will pay to subordinate lien holders?

Started this discussion. Last reply by Kacey Queen Jun 20, 2013. 29 Replies

I have a short sale going with Chase as the 1st lien holder, SLS as the 2nd lien holder and an attorney who is representing Discover card as the 3rd lien holder.  I am working on this as a HAFA short…Continue

Tags: sale, HAFA, Chase, short, SLS

Need help! Wells Fargo 1st & city lien

Started this discussion. Last reply by Eric Simkin Jan 25, 2012. 1 Reply

I am working on a hafa short sale where there is only a 1st through Wells Fargo.  There is also a lien through the city for sidewalk improvements.  The city is owed approximately $6800.  The city…Continue

Anyone had a judgement come up on the title seach & got bank to pay it off

Started this discussion. Last reply by Mike Rizzo Oct 16, 2011. 11 Replies

I am just wondering if anyone has had experience getting the bank to pay off a judgement that has come up against a seller in a short sale? Just curiousContinue

Tags: liens, judgements

Chase short sale, MI company wants $5000 cash or $10000 promissory note

Started this discussion. Last reply by Bryant Tutas Oct 11, 2011. 9 Replies

I am wondering if anyone else has experienced this situation.  We got word from our negotiator 3 weeks ago that we would have a deal if the buyers came up in sales price.  The buyers went for it and…Continue

Tags: note, Hafa, promissory, MI, Mortgage

 

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Kacey Queen replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"Thanks for your help!!  Per Fannie Mae's escalation guidelines, I have escalated to Fannie Mae.  Hopefully they can help me get this approved with the second lien. Escalating an issue You can also escalate an issue to Fannie Mae…"
Jun 20, 2013
Kevin - Greenville, SC replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
Jun 19, 2013
Kevin - Greenville, SC replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"Not according to Fannie. I was just on the CAR webinar today.  They made it very clear it's $6000 total from them and no other party can add to that even though their Guidelines would seem to allow the Buyer to bring funds if Fannie…"
Jun 19, 2013
Kevin - Greenville, SC replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"I think they said or implied on the webinar that you can escalate to Fannie and they will assist in negotiations with subordinate(s).  I may have heard that wrong though.  I'm looking to get it clarified."
Jun 19, 2013
Ken Ryan replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"May not be as easy as it would appear. Please see  the Q&A below form the Fannie Mae Homepath/Short Sale website. Q. Can the buyer contribute additional funds to pay off a subordinate lien holder, if the lien holder requires more than $6000…"
Jun 19, 2013
Brett Goldsmith replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"Kacey,        No contributions can show on the HUD with FNMA. I'd escalate with SLS and provide them proof of FNMA as the investor and that per guidelines they will only be allowed $6,000. I'd  alsocheck…"
Jun 19, 2013
Kacey Queen replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"The seller or agents are willing to pay the $,000 difference.  How can I get Fannie to allow???"
Jun 19, 2013
Kacey Queen replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"Can you please let me know asap how you were able to obtain an exception?  Fannie Mae is only offering $6,000 but the 2nd lien is DEMANDING $10,000.  Please help!!!!"
Jun 19, 2013
Kevin - Greenville, SC replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"How recently have you obtained an exception?"
May 26, 2013
Kevin - Greenville, SC replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"Unless the UPB is less than $6000.  FNMA would offer $6000."
May 26, 2013
Susan B McCarter commented on Team Thayer's blog post 1099 law extension
"http://www.irs.gov/individuals/article/0,,id=179414,00.html  this is good information about the Mortgage Debt Relief Act of 2007  It is part of this great article I found written the beginning of 2013 "
Apr 21, 2013
Kevin - Greenville, SC replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"Brian, Have you done this scenario in practice?  I know the Guidelines imply this."
Apr 17, 2013
ElizabethWeintraub00697006LyonRE replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"As others have said, $6,000 is the max; however, I have had Fannie Mae pay more than by obtaining an exception."
Apr 16, 2013
Paola Martinsen replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"Hi Kevin, thanks for the clarification. So is it a flat 6k regardless of the UPB? I have a second with an UPB of 25k."
Apr 15, 2013
Helena Kaucheck replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"I've had instances where the 3rd lien holder receives monies but there is a cap to the Total amount.  It's usually 8% or $8500.  I just had one where the Jr. lien would NOT accept MORE than what the first lien gave them ($6,000)…"
Apr 15, 2013
Wendy Haisley replied to Team Thayer's discussion What is the max amount that Fannie Mae will pay to subordinate lien holders?
"FNMA no longer does HAFA short sales.  This would have to go traditional short sale. FNMA allows a max of $6000 to 2nd lien.  SLS will allow $0 of that to go to the credit card judgment lien.  FNMA WILL NOT allow anyone to contribute…"
Apr 15, 2013

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First Name
Elizabeth
Last Name
Thayer
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Agent
State
Or
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Eugene
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My team works with short sales in the area. We have been in business 13 years. We work hard to get positive outcomes for our clients. We stay knowledgeable with regard to short sale info. We are always looking for a way to make things easier on our clients.

Team Thayer's Blog

1099 law extension

Posted on November 5, 2012 at 2:06pm 2 Comments

Does anyone know whether the law that allows the sellers on our short sales not to have to pay the loss reported on the 1099 they get after the closing of their property if it was their primary residence?

Thank you for furnishing the escalation dept phone number for Aurora

Posted on February 24, 2012 at 12:59pm 3 Comments

Well I finally got the short sale closed with Aurora as the first & SPS as the second.  I had to use the phone number that I found on this website for the escalation dept at Aurora.  Thank you to whomever posted the phone number.  It worked!  After months of getting nowhere and getting sent to the same voicemail without any return calls, I finally got a live person to explain the file to and work out the problems.  Thank you short sale superstars.  Anyone needs the phone number, let me…

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