Replies to This Discussion

Permalink Reply by Carmine R Biello Jr on November 30, 2012 at 10:40am

File a valuation dispute.  Email 

[email protected] include the following: Borrowers address Borrowers name printed and signed ( must be legible as determined by Fannie Mae) Subject line should state 3rd Party Consent or Authorization? Name of organization Name and number of 3rd party handling the case Fannie Mae loan number (optional) Please also note that Fannie Mae does not require/need any additional information outside of what has been outlined in the bullets above. If the form contains borrower’s Social Security Number, birth date, etc., they will not be able to process the form and will be sent back. Your request will be processed within the next 24 to 48 hours. You will receive notification as to the status or completion of your request. You also need to email [email protected] and provide them the scenario. Include all documentation to support your value. Request a Level 2  Mitigator and provide all your contact information and phone numbers. Best of Luck!!

Permalink Reply by Cami Pinsak on November 30, 2012 at 10:53am

Well - I would send in comps first.  That may get Fannie Mae to reduce it a bit, but you will have to go to  Fannie Mae directly to try and get it reduced.  Fannie Mae has been, almost, punitive in their values recently...

Permalink Reply by Rachael Babinchak on December 5, 2012 at 7:56am

If you are in Arizona/Phoenix, here's what a ton of us have started and will continue (based on another SS Superstar suggestion):

For all you agents that have had an issue with Fannie Mae Counter offers, Scottsdale Law Group is filing a large number of complaints with the Arizona Attorney General. Feel free to contact Chris Hofford for more info on how to help your clients. 480-478-0709 ext 117.   [email protected]m

 

Don't have to have a lawyer do it, but strength in numbers.  Your client can apply themselves I believe.

Permalink Reply by Priscilla Alkins-Tejeda on December 26, 2012 at 8:55am

Brian, good luck with Greentree. I had the same situation with them. My short sale listing was worth $80,000 and investor wanted $108,000.. way more than what it's worth. I had a F/C sale date of Nov.28,2012 and on Nov.12th I got the buyer to go to $100,000 and investor still declined it and foreclosed. They take 2 weeks to answer a counter, than the negotiator goes on a one week vacation and no one else is able to work on file. This bank is a joke!! They do not care to work with people.

 

Priscilla

 

Permalink Reply by Gregory Holmes on January 15, 2013 at 6:12am

It's not Greentree - I have worked with a great negotiator and advocate (Lou) and still they go to foreclosure - it's Fannie.

Permalink Reply by Gregory Holmes on January 15, 2013 at 6:10am

I'll assume the valuation dispute was rejected by FNMA since they all are no matter how ridiculous the BPO and complete the dispute package. They apparently just want to own and hold them hoping for appreciation and if none, sell under their program that doesn't require it to appraise.   Did it get foreclosed on?

Permalink Reply by Brian Wood on January 15, 2013 at 9:05am

Yes, lost this one, can't wait to see what REO lists it at.