"I just got off the phone with Freddie Mac who stated that is their guideline but then said that the servicer can ask fort an exception. Then I called my contact at Wells Fargo as they service
FM loans too. he stated FM will always decline a…"
"ch 7's don't typically discharge mortgage liens, that's typically a motion when someone does a ch 13 and is going for a discharge.
I feel like we may have gotten an exception from Freddie Mac or Fannie Mae once to allow…"
"HI guys thanks for your input. The 1st is owed way more than the property is worth so the 2nd will not get any $$$. I have worked on this deal for a year we have escalated and filed complaints with Consumer finance protection bureau and Omsbudsman…"
"Have you escalated with the 2nd lien? Do they have proof that FHLMC is the investor? Typically what the 2nd wants comes down to lien position and their valuation. They must think they may get more at foreclosure auction.
At times you can get them to…"
"its very doubtful that the 2nd has insurance. Please understand a 2nd lien holder could care less about Freddie Mac's guidelines. So possibly the reason they will not accept is that they know that they can go after the seller for the…"
Hello,I have a short sale that has an SPS 2nd mortgage. The 1st mortgage is with Mr. Cooper and is a Freddie Mac Loan. The 1st mortgage holder will give the 2nd mortgage holder $6000 per Freddie Mac guidelines to the 2nd mortgage. Freddie Mac only gives $6000 max and does not allow the buyer or seller to bring in additional funds. The investor for SPS wants 18K but that is not allow per the Freddie Mac guidelines even if the buyer wanted to bring it in they can't. I have appealed to the…See More
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