Over the last few months, it has become apparent that Fannie Mae is more interested in foreclosing than approving short sales.  The scenario is the same over and over again.  The BPO comes in at one price and Fannie Mae adds 20 or 30% and says that is what they will accept.  Some have suggested that they are trying to get next year's prices if the current price trends continue.  In the meantime, buyers are unwilling to overpay by that much and are backing out of the contracts when they hear the outrageous prices that FM is asking.  If you dispute the value, they reject it and then consider their number good for an additional 90 days from the decision on the dispute.  Has anyone else been experiencing the same kind of problem with Fannie Mae being the investor??

Views: 3832

Reply to This

Replies to This Discussion

Awesome!! I had a negotiator recently tell me that they were REQUIRED to counter every offer. It was Wells Fargo.

I also had REDC tell me that BofA requires them to counter every co-op deal at the list price.

So...we too counter every offer that the lender sends over. The key though is to be sure to change to HUD to increase their NET even if by $500. They need a new deal to submit.

HI Guys,

 Great info but not pertinent to california. We are forbidden by law from seller providing any monies to the bank as a requirement for a short sale.  If the seller offers it UPFRONT then they can offer it, but by law the seller in california is forbidden from offering money and the bank is forbidden from asking for it as a condition for approval, it is the law (SB 931 & SB 458). 

Folks we have been doing these things for years now, it is not hard and we all know what to expect, they need to standardize the process across all banks so we know the rules up front and can play with in them.  It is a complete load of crap that fnma has decided to game the system.  They are guilty of collusion, corruption of the process and  if done by anybody but the government would be criminal to price fix like this.  In the real world we have to get an appraisal and what they are doing is trying to make that irrelavent and wasting all of our time................... and it does not need to be this hard.

Great tip Bryant.  The Servicer is generally on a fishing expedition.

The only counters I've received have been verbal, then have to go to investor for approval.  Hopefully, that will chages as of 11/1

After I pushed back hard on an overinflated value supposedly requested by Fannie Mae via Nationstar, the servicer says they submitted the low offer to Fannie. Of course, I couldn't let that go and reiterated that the offer is now low, that Fannie is too high. I'll see if that will pass muster.

In the meantime, if Fannie is doing this pricing arbitrarily, they are guilty of inflating the market through extremely aggressive tactics Including forcing foreclosures when the file does qualify for a short sale. At the minimum, I'm shocked its not illegal under MARS at the most, creating illogical home value increases that caused this mess with the housing industry in the first place. They'll never get some of these prices if they go REO so the only reasonable excuse is that they wish to profit off the distressed home owners and feel its ok to sacrifice distressed homeowners as long as Fannie makes money.

A big thank you goes to Lacey Hamilton who provided a Fannie Mae name of someone who actually seems to care.  We have submitted the particulars of our cases and Jason (Fannie Mae) says he will personally review them.  Thanks again.

I'll keep my fingers crossed,  Let us know how it goes. I've had great discussions with HUD people and others in the past - by the next week, they go silent. I hope yours is real!

FM and most of the banks around the country, are trying to move all the back inventory, so it looks that they are not allowing the short sales. I will request a new BPO and valuation to FM, but you have to wait 30 days.  Start all over again.

Ivan Diaz Ikon Capital Group

100,000 people are required for this petition to hold water.  It is a GREAT petition, but we are not even close to 100K.  Fannie Mae has thrown a countless number of homeowners into foreclosure because of their recent inflated values.  Again!  Are we really going to let this happen again?!  Most of these homeowners have cooperated for months and worked very hard to avoid a foreclosure by following every demand of their lenders to complete their short sale, as have their agents.  It's unacceptable & offensive that this government run company, who so recently has been responsible for so much of the suffering in the housing market, is once again taking advantage of the American people - agents, investors, sellers, & buyers alike.

This petition has to go through.  The only way that will happen is through us and our social media accounts.  Sign that petition folks, share it on Facebook & Twitter.  Target & share this petition to your online friends with the biggest lists of friends, especially those involved in Real Estate and let's get this thing to 100,000 people before the deadline!

Let's make things happen.  SIGN and SHARE the petition.

 

where's the petition?

It's sad but Fannie Mae is adopting there REO practices and applying them to there short sales. They over inflate the list price on all of there REO listings as well by about 20-30% and in some cases more. Its obvious that the home owner is the least of there concern. In 10 out of 10 cases they much rather just foreclose and do the same when they list as REO. I attended a convention where a Fannie Mae higher up was there and this same issue was brought up and the response of the Fannie Mae rep was thats why they came up with Home Path that has no appraisal contingency.  I have never seen a room full of realtors become silent so quickly. Everyone could not believe what they had just heard. Isn't this same irresponsibility what may have gotten us in to this problem yrs back????

Here's some more news from Fannie and Freddie related to offering DILs to homeowners who are upside down but making payments.

Fannie Mae (FNMA) and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money. READ THE ARTICLE

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************