THIS ARTICLE IS FROM NAR
Beginning in the latter part of 2012, a number of REALTORS® across the country reported that Fannie Mae had started jeopardizing short sale transactions by requesting purchase offers at significantly higher prices than market values. REALTORS® continue to report that Fannie Mae’s actions have led to a decrease in the number of Fannie Mae short sale transactions, an increase in the number of borrowers going through foreclosure producing further negative effects on surrounding property values.
NAR remains concerned that Fannie Mae’s recent short sale policy changes could significantly increase the number of borrowers ending up in foreclosure and hamper the success of FHFA policy changes to Fannie and Freddie’s Standard Short Sale processes. NAR will continue to work with our state and local associations, the GSEs, and FHFA until fewer borrowers end up in foreclosure when a short sale could have been completed, benefiting all parties to the transaction.
NAR encourages REALTORS® to submit problematic transactions on for escalation review to www.homepathforshortsales.com.
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Go here and scroll down http://www.homepathforshortsales.com/
Thank you Bryant. I have tried to escalate this through the Homepath online submissions and with their level 2 reps. Their value is $88,500 over market value. (The home is only $140,000) I am unable to get anyone to call me back or acknowledge there is an issue or error with their numbers. I was hoping someone else might have a direct contact. When I dispute directly with Freddie Mac they assign a person with an actual email and phone number but Fannie has not responded. I think unfortuately this one will bite the dust.
Best Regards,
Aloha, I was just told by Greentree that I had to go to the Homepath webpage and submit a value dispute,I have looked all over for a way to do that, any help on this is greatly appreciated.
Here you go Greg:
http://www.homepathforshortsales.com/
Click on Get Started Today at the bottom. Good luck!
Perfect, thanks!
you have to go to homepath.com to get any response. they are crazy right now. I have been disputing with servicer and have had better success that way so far.
Thanks for the info Bryant!
Hi All!
We are seeing the same thing here in Chicago with not only Fannie Mae properties but now we have a few of our Freddie Mac short sale properties under scrutiny...Their minimum NET is actually more like the fair market value- This will be our 2nd Freddie Mac short sale that has tanked- Our offer for the current property is in line w/ current market value- They want approximately 20% more…Hardship is documented, no question.
Buyer couldn't even get a loan for that amount- What are the GSEs thinking?
Does the FHFA want the Freddie problems on the HomePath site or is there a separate site for us to submit Freddie issues?
Should be a great topic for us at the symposium...See you in April!
Real Estate Agents across the country need your help to force Fannie Mae to behave responsibly or shut them down. Many of you may not know that Fannie Mae is not a government agency. They are a private company; that are covered under the government blanket but not true government. They are taking advantage of our clients and our family and we have a responsibility to put a stop to it.
Fannie Mae admits to demanding 20% more than market value for short sale properties - forcing homeowners into foreclosure. They then offer the properties to the public on their homepath.com website at 20% above market value and will give a federally sanctioned Fannie Mae bad loan for this price if the buyer "takes advantage" of not paying for an appraisal. These are the type of manipulations which destroyed the property market. As a federal bailout, Fannie Mae should be forced to act ethically and responsibly or they should be shut down.
This not only effects our clients as Real Estate Agents but anyone who has ever bought or sold real estate. Even if someone is not getting a Fannie or Freddie loan directly; if they are causing a false value increase we are doomed to have another real estate bubble that could be harder to recover from than 2007.
We must get 100,000 signatures by February 25, 2013; I know its not a lot of time and we are only at 2,409 as of today. But I think that if we all blast everyone we know and they blast everyone they know we might be able to reach that 100,000 signatures needed for this petition to go before the president.
You do not have to be a Real Estate Agent or even work in the industry to sign the petition; you just need to be willing to take five minutes out of your day to make a difference.
Go to https://petitions.whitehouse.gov/petition/force-fannie-mae-behave-r...
You will need to create an account. Once you fill everything in and click the “create an account” button; you will get an email right away that will have a link to click on so they know this is a working email address. There will also be a temporary password that you will need to type into the web page that opens when you click the email verification link. You will be instructed to create a new password. Your new password needs to have at least one capital letter, one punctuation, one numeric and alpha-numeric symbols (letters and numbers); making sure you meet the minimum characters required. Once you have created your password, you are free to sign the petition. You might have to re-click on the link I have provided in this email to go back to the petition.
I just received a FNNMA counter of $379,500 on a property worth maybe $300,000. We submitted back in September at $285,000. It was countered at $343,000. the property went back on the market for 2 months until we received $300,000 cash. It was submitted and we were just needing the payoff for the 2nd to get the final approval at $300,000. The 2nd was service released and the 1st, WF, gave us a soft deny. stated once the 2nd found a home and I had a payoff they would reopen and approve. Well obviously that didn't happen. Instead Fannie increased their value another $36,500.
Anyway this is what WF negotiator sent me when questioned:
And they want a $76,500 prom note.
Now we can escalate directly to FNNMA for these issues. I'll let you know how it works out.
Hi-
How does lender comunicate counter offer to listing agent? verbal or Email?
I am a buyer and should I request a proof from listing agent that lender counter our offer?
Lender is GREEN TREE
Thanks
I am helping another agent who has a very similar situation. First buyer submitted an offer of $260,000 and was countered at $274,900 last November, buyer walked because he lost his job on the same day we received the counter. Property went back onto the market and we obtained a better offer of $270,000, submitted and were counter in January at $377,000 after they completed another BPO. We asked if the $377,000 was from the BPO, they said no but wouldn't/can't say where they get that value from beside it was the investor value, keep in mind the loan balance was only $325,000. The file then was hard declined out of EQ because buyer wouldn't go up to reasonable range.
We asked for value dispute, was never given one or anyone to talk to us. We escalated to 3 different managers/VPs from the servicer; the best response we got was "unless there is substantial amount of repairs, there will be no value dispute." We finally escalated directly to Fannie Mae, turned in their entire value dispute requested docs; a few days later got a message that the investor had changed the value from $325,000 to $280,000. From the respond, we figure the BPO had to be $325,000 but we were also shocked and speechless as to where they came up with $377,000, demanded it from the Buyer then just hard decline the file because the buyer didn’t come up to reasonable range.
I am just glad that now the value is within reasonable range for the property to sell. The LA have to initiate it again through EQ, finished all of the initial tasks today and is waiting for the offer task. Will keep you posted.
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