Replies to This Discussion

Permalink Reply by Kent Dills on January 19, 2010 at 2:16pm

Jeff,

Never done an escalation to Fannie Mae but just did one about 6 weeks ago with Freddie Mac and I'm pretty sure it will work in a similar fashion since they're both GFEs.

Here was the situation, I had an Approval Letter to close on 12/18/09 but the property still got scheduled for the 12/2/09 foreclosure auction. These aren't usually problems since I routinely check the monthly foreclosure lists for all my listed properties and then call or email negotiators to kindly remind them to postpone or cancel any auctions. Routine as can be - normally. But for some reason I couldn't get the negotiator or her supervisor to respond.

WHAT? NO RESPONSE! I wasn't going to let one of my shorts - with an Approval Letter - go to sale and lose my paycheck! Nope - not me. So I sent an email to the [email protected] address that I looked up the morning of the auction. Sent them an email detailing the issue about 9:30AM (sale was for between 1PM-4PM). About and hour later I got an email back from them saying they (FreddieMac) had notified the Trustee (we are a Deed of Trust State in Texas) to stop the sale. Of course I confirmed this with the Trustee and they had in fact stopped the sale.

Not going to bad-mouth the negotiator, her supervisor, or the lender in this case as they normally are very good. Hopefully it was just a one-off deal and won't happen again. Closed on that short (and did get paid) in December as planned too! ;-)

So, I took the liberty of going to the Fannie Mae website and found this email contact ([email protected]) that seems to do the same thing for borrowers/homeowners as the one stated above does for Freddie Mac borrowers. I'd try emailing them with file/deal details and see if they can help or direct you to those that can!

Kent

Permalink Reply by Jeff Payne on January 19, 2010 at 2:17pm

Thanks!!! I will send an email to them!! I love this site

Kent Dills said:

Jeff,

Never done an escalation to Fannie Mae but just did one about 6 weeks ago with Freddie Mac and I'm pretty sure it will work in a similar fashion since their both GFEs.

Here was the situation, I had an Approval Letter to close on 12/18/09 but the property still got scheduled for the 12/2/09 foreclosure auction. These aren't usually problems since I routinely check the monthly foreclosure lists for all my listed properties and then call or email negotiators to kindly remind them to postpone or cancel any auctions. Routine as can be - normally. But for some reason I couldn't get the negotiator or her supervisor to respond.

WHAT? NO RESPONSE! I wasn't going to let one of my shorts - with an Approval Letter - go to sale and lose my paycheck! Nope - not me. So I sent an email to the [email protected] address that I looked up the morning of the auction. Sent them an email detailing the issue about 9:30AM (sale was for between 1PM-4PM). About and hour later I got an email back from them saying they (FreddieMac) had notified the Trustee (we are a Deed of Trust State in Texas) to stop the sale. Of course I confirmed this with the Trustee and they had in fact stopped the sale.

Not going to bad-mouth the negotiator, her supervisor, or the lender in this case as they normally are very good. Hopefully it was just a one-off deal and won't happen again. Closed on that short (and did get paid) in December as planned too! ;-)

So, I took the liberty of going to the Fannie Mae website and found this email contact ([email protected]) that seems to do the same thing for borrowers/homeowners as the one stated above does for Freddie Mac borrowers. I'd try emailing them with file/deal details and see if they can help or direct you to those that can!

Kent

Permalink Reply by Katerina Gasset on January 19, 2010 at 2:53pm

That is disgusting, simply disgusting with no reasoning behind it at all.
Call your congressman and your senators to see which one knows someone at Fannie that you can talk to.
They will of course, put the ball back in BofA's court- this is what they do because it is BofA's interpretation of their PAS agreement with Fannie that usually causes these issues.

Permalink Reply by Jeff Payne on January 19, 2010 at 2:58pm

I will be calling the CEO of BofA in the morning, I have a direct line to him and hopefully they will do something. The really bad part is that they buyer was delayed by Bank of America, the lender that he chose.

Katerina Gasset said:

That is disgusting, simply disgusting with no reasoning behind it at all.
Call your congressman and your senators to see which one knows someone at Fannie that you can talk to.
They will of course, put the ball back in BofA's court- this is what they do because it is BofA's interpretation of their PAS agreement with Fannie that usually causes these issues.

Permalink Reply by Jeff Payne on January 19, 2010 at 4:02pm

Just got this from [email protected] THERE IS HOPE
Mr. Payne,
We do permit extensions on approved shortsales, to an extent.
We already gave an extension on this case, and it was to close by 1/15/10.
When is this sale expected to close?
Loan Resolution

International Plaza II, 14221 Dallas Parkway, Suite 1000
Dallas, TX 75254 | (888) 326-6435 |

Permalink Reply by Jeff Payne on January 20, 2010 at 5:00am

Kent, thanks so much for the tip, I got extension approval today from FNMA!!!!!!!!!

Permalink Reply by Anna Mackey SDHS on January 20, 2010 at 4:46pm

Wow Jeff, that's amazing! There were actually live people with decision-making powers behind that address? Simply amazing.
If you have a few moments, would you mind sharing the play-by-play on this?

Permalink Reply by Kent Dills on January 22, 2010 at 2:27am

Jeff, glad to hear my tip helped you get the auction postponed. The big tip here for everyone is that we can't let the servicers and lenders have the final say on our deals. In some/most cases, what we're being told by loss mitigators is wrong due to poor training and misinformation (lying?)! So we've got to go around them.
* On Freddie Mac backed loans - don't hesitate to use the email address I used (see my post on this thread for details) - [email protected].
* For Fannie Mae backed deals I found [email protected] and Jeff got his response from [email protected].
Everyone should take note of these email addresses!
Another work-around scenario and resource example, I'm getting a no answer to a deal I've got with one of my favorite banks to deal with (anyone who's seen my postings here can guess who it is). The negotiator says the deal meets their "internal" guidelines, and got approval from the "pool" mortgage insurer, but got shot down by the MI company MGIC. So I'm going to call MGIC directly today at their claims # 800-272-4071 and see if this is so and why. I'm hoping I get another answer than what my negotiator is sharing with me.
Bottom line - be resourceful, use all means available, and don't let the servicer/lender be the final answer!!!
Peace out!! & TGIF
:-)

Permalink Reply by Sam Purtle on January 24, 2010 at 5:24pm

Wow - I am impressed with the wealth of information being shared on this website. I could have used these email addresses weeks ago :).

Thanks Kent and Jeff.

Permalink Reply by Anna Mackey SDHS on January 26, 2010 at 2:29pm

Kent, How did that conversation with MGIC go?

Kent Dills said:

Jeff, glad to hear my tip helped you get the auction postponed. The big tip here for everyone is that we can't let the servicers and lenders have the final say on our deals. In some/most cases, what we're being told by loss mitigators is wrong due to poor training and misinformation (lying?)! So we've got to go around them.
* On Freddie Mac backed loans - don't hesitate to use the email address I used (see my post on this thread for details) - [email protected].
* For Fannie Mae backed deals I found [email protected] and Jeff got his response from [email protected].
Everyone should take note of these email addresses!
Another work-around scenario and resource example, I'm getting a no answer to a deal I've got with one of my favorite banks to deal with (anyone who's seen my postings here can guess who it is). The negotiator says the deal meets their "internal" guidelines, and got approval from the "pool" mortgage insurer, but got shot down by the MI company MGIC. So I'm going to call MGIC directly today at their claims # 800-272-4071 and see if this is so and why. I'm hoping I get another answer than what my negotiator is sharing with me.
Bottom line - be resourceful, use all means available, and don't let the servicer/lender be the final answer!!!
Peace out!! & TGIF
:-)

Permalink Reply by V Borkowski on June 26, 2010 at 7:38am

Kent,

i know this is an old post but i was wondering how your deal ended up working out with MGIC? I'm the buyer in a BOA deal with MGIC as the MI Company and we're not getting anywhere. Just wondering if contacting them direct would help? They are holding tight and requiring a Promissory Note which the seller wont sign. I've been in the process for 11 months and now it's gonna decline due to this. Any advice or contacts would be so helpful.

Thanks,

Valerie



Kent Dills said:

Jeff, glad to hear my tip helped you get the auction postponed. The big tip here for everyone is that we can't let the servicers and lenders have the final say on our deals. In some/most cases, what we're being told by loss mitigators is wrong due to poor training and misinformation (lying?)! So we've got to go around them.
* On Freddie Mac backed loans - don't hesitate to use the email address I used (see my post on this thread for details) - [email protected].
* For Fannie Mae backed deals I found [email protected] and Jeff got his response from [email protected].
Everyone should take note of these email addresses!
Another work-around scenario and resource example, I'm getting a no answer to a deal I've got with one of my favorite banks to deal with (anyone who's seen my postings here can guess who it is). The negotiator says the deal meets their "internal" guidelines, and got approval from the "pool" mortgage insurer, but got shot down by the MI company MGIC. So I'm going to call MGIC directly today at their claims # 800-272-4071 and see if this is so and why. I'm hoping I get another answer than what my negotiator is sharing with me.
Bottom line - be resourceful, use all means available, and don't let the servicer/lender be the final answer!!!
Peace out!! & TGIF
:-)

Permalink Reply by Stephanie Lim on June 30, 2010 at 3:44am

Fannie Mae Resource Center - 1-800-7FANNIE (1-800-732-6643) Monday through Friday, between the hours of 8 a.m. and 8 p.m., Eastern Time. (This was the response I got to an e-mail sent to the ResourceCenter e-mail.)

Auto Response from the Loan Resolution mailbox- The Loan Resolution mailbox was replaced on 3/1/10 and will no longer be monitored. Emails sent to this address will not be responded to or monitored. Please send all Loss Mitigation related emails for: 1) 571 Supplemental Claim Requests, 2) Refund Requests, 3) Manual Case Entry Requests and 4) NACA Event Case Requests to [email protected]. Requests pertaining to specific loss mitigaition cases should be sent to the loss mitigation rep assigned to the case. General loss mitigation and servicing questions can be sent to [email protected]

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