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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
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.
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
:-)
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
:-)
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