Fannie Mae postponement
Replies to This Discussion
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Permalink Reply by Ron Margolis, RA on
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Seems like the story is changing regarding Fannie Mae postponements and Fannie Mae is declining postponements with stricter criteria and more frequently. If anyone jumps on this thread I'll be grateful too. I gave them B of A an offer on a traditional short sale, it took them weeks to respond. Then when the bank finally countered, I accepted the counter the same day. 11 more days went by and no response despite 3 escalations. Today I get an email from the negotiator resending the counter with a close date of Monday May 23rd, two business days from today and we've yet to open escrow right. Who are these guys kidding. Same as your story, cooperative and proactive seller who has been timely and always done the right thing.
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Permalink Reply by Rowena Hardin on
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Fannie Mae established a three postponement limit last year, but this property has only had one postponement. I guess we have new rules again. So much for helping homeowners avoid foreclosure.
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Permalink Reply by Paola Martinsen on
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If the home owner is more than 12 payments behind they wont postpone a second time....
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Permalink Reply by Previous SunTrust Negotiatior on
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You need to write a letter to the Treasury department or occ.gov
You can always write a letter to the President of Fannie. All this information can be found on google. Worst case scenerio they can rescind the sale.
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If default over 12 months is new rule.
Rowena Hardin said:Fannie Mae established a three postponement limit last year, but this property has only had one postponement. I guess we have new rules again. So much for helping homeowners avoid foreclosure.
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@Previous SunTrust Negotiatior, when writing a letter to the Occ what whould the reason behind the postponement be? In other words would you be talking numbers to them? When escalating to FNME I would obviously show them the numbers and why the short sale is better vs foreclosure...what do you recommend as the spin to the occ?
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@Previous SunTrust Negotiatior, when writing a letter to the Occ what whould the reason behind the postponement be? In other words would you be talking numbers to them? When escalating to FNME I would obviously show them the numbers and why the short sale is better vs foreclosure...what do you recommend as the spin to the oc
Previous SunTrust Negotiatior said:
If default over 12 months is new rule.
Rowena Hardin said:Fannie Mae established a three postponement limit last year, but this property has only had one postponement. I guess we have new rules again. So much for helping homeowners avoid foreclosure.
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No. You need to document all requests and communications with the bank. Use as many names and dates as possible. Do not be an expert on short sale versues REO. It will not work if you do that. Remember paper beats rocks
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I didn't know this, however they made their last payment in Sept 2010, eight months ago. Fannie Mae is being very agressive with this one. We listed as a short sale in August, trying to be proactive. The quickest a foreclosure can happen in NV is 7 months. Fannie is not giving anything on this one.
Paola Martinsen said:If the home owner is more than 12 payments behind they wont postpone a second time....
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This is good advise, we will do this. Thanks.
Previous SunTrust Negotiatior said:You need to write a letter to the Treasury department or occ.gov
You can always write a letter to the President of Fannie. All this information can be found on google. Worst case scenerio they can rescind the sale.
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Maybe its different in your state? You can always call Fannie Mae directly and ask to speak to level 2 rep and get some clarification and assistance regarding that.
1-888-FANNIE5 (888-326-6435)
or MHA inquiry resolution [[email protected]] Even though they are HAMP they still help with short sales
HAMP Solution Center
P.O. Box 809006
Dallas, TX 75380-9006
Phone: 866-939-4469, Option 2
Email: [email protected]
Fax: 1-240-699-3883
Rowena Hardin said:
I didn't know this, however they made their last payment in Sept 2010, eight months ago. Fannie Mae is being very agressive with this one. We listed as a short sale in August, trying to be proactive. The quickest a foreclosure can happen in NV is 7 months. Fannie is not giving anything on this one.
Paola Martinsen said:If the home owner is more than 12 payments behind they wont postpone a second time....
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More great info. You've been very helpful.
Paola Martinsen said:Maybe its different in your state? You can always call Fannie Mae directly and ask to speak to level 2 rep and get some clarification and assistance regarding that.
1-888-FANNIE5 (888-326-6435)
or MHA inquiry resolution [[email protected]] Even though they are HAMP they still help with short sales
HAMP Solution Center
P.O. Box 809006
Dallas, TX 75380-9006
Phone: 866-939-4469, Option 2
Email: [email protected]
Fax: 1-240-699-3883
Rowena Hardin said:
I didn't know this, however they made their last payment in Sept 2010, eight months ago. Fannie Mae is being very agressive with this one. We listed as a short sale in August, trying to be proactive. The quickest a foreclosure can happen in NV is 7 months. Fannie is not giving anything on this one.
Paola Martinsen said:If the home owner is more than 12 payments behind they wont postpone a second time....
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