Nationstar as the Servicer of a Fannie Mae Loan

Has anyone heard of a Fannie Mae requirement that they receive 12K at closing (or 10% of the balance owed) in order to issue a full deficiency release for the short sale seller?

Somehow we are suspecting this is a Nationstar requirement and not one that Fannie has put in place -

Does anyone have any good escalation contacts at Fannie?

Thanks very much.

Jeanne Johnson

Lawyer's Financial Group

480-284-8402

Views: 82

Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on October 25, 2011 at 11:09am

Jeanne, That's about right per Fannie Mae no matter who the Servicer is...

Permalink Reply by joe beauchamp on October 25, 2011 at 3:07pm

Jeanne, look about 1 min into this - FNMA will NOT pursue a deficiency for any successful short sale. http://www.youtube.com/watch?v=moWPdcJcWAY(entitled Exclusive CDPE Interview with the Fannie Mae Vice President Marcel Bryar - in case this site kills the pointer - you can search for it on youtube)

Now, if you demand a letter stating this, well, I don't know what they charge for that unnecessary privilege.

And, if you find someone at FNMA who gives a hoot about anything more than their cushy fed job, please post it.

I don't know that I've ever paid 10% to an investor for release of debt.  But then my clients aren't rolling in cash and doing the short sale just 'cause, so I have no issue pointing out their financial situation.  Maybe that's why?  Just a thought..

Permalink Reply by Jeanne Johnson on October 27, 2011 at 6:45am

Thanks for this - I'll let you know if I get any good contacts at Fannie Mae....thanks for your input - I enjoyed the video.

Jeanne Johnson

Lawyers Financial Group

480-284-8402

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