Fannie Mae

Has anyone been told that their short sale was denied because fannie Mae's guidelines state they will not even look at a short sale situation until a homeowner is 31 + days delinquent and will not go to settlement until the loan is 90+ days delinquent?? I have a military homeowner at war and not even stationed to the State anymore and a divorce situation they will not consider, stating the homeowner is not late. Any input would be greatly appreciated.

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Replies to This Discussion

Permalink Reply by Kent Dills on December 28, 2009 at 11:33am
Never heard of that before.

Who's the lender/servicer? If it's IndyMac or BofA I wouldn't be surprised!

I have had the lender/servicer make claims that the "investor" says this, that, or the other - transferring blame to whomever IS the investor (i.e., Fannie, Freddie, HUD) and basically lying about whatever the core issue is. Sorry for the run on sentence. Couldn't stop after I got started ;-)
Permalink Reply by Tessa Wilborne on December 28, 2009 at 11:55am
Thanks for the response. The bank is PHH/Charles Schwab. I am doing research to find something in writing from Fannie Mae where they state this is their rule. If I find it I will post it.



Kent Dills said:
Never heard of that before.

Who's the lender/servicer? If it's IndyMac or BofA I wouldn't be surprised!

I have had the lender/servicer make claims that the "investor" says this, that, or the other - transferring blame to whomever IS the investor (i.e., Fannie, Freddie, HUD) and basically lying about whatever the core issue is. Sorry for the run on sentence. Couldn't stop after I got started ;-)
Permalink Reply by Katerina Gasset on December 28, 2009 at 3:17pm
Who is the servicer?
Permalink Reply by Tessa Wilborne on December 29, 2009 at 1:28am
The servicer is PHH/Charles Schwab and Fannie Mae is the investor. Still doing some research to find out what my clients are able to do. Both owners have TS clearance & are not willing to be late on their mortgage. Bad situation for the homeowners.

Katerina Gasset said:
Who is the servicer?
Permalink Reply by Mori Langshaw Sr on December 29, 2009 at 1:48am
That is such BULLShananigans!!!! That just burns me when banks say that....Good grief.

Lets see, "Hey before you sell your house and we take a loss, you have to ruin your credit and won't be able to get another loan Mr. Seller." Geesh!!! >-(
Permalink Reply by Stephen B. McWilliam on December 29, 2009 at 5:59am
You may want to be aware of the Soldiers & Sailors Civil Relief Act.
Permalink Reply by Bryant Tutas on December 29, 2009 at 10:38am
Hi Tessa. We also have a group on here for military short sales. It may help.

http://www.shortsalesuperstars.com/group/hapmilitarypcs
Permalink Reply by Tessa Wilborne on December 29, 2009 at 2:05pm
Thanks. I will check that out. The current sellers didn't use a VA loan in order to purchase and the HAP progam I have heard negative things about and they are barely getting any assistance to the military homeowners.

Bryant Tutas said:
Hi Tessa. We also have a group on here for military short sales. It may help.

http://www.shortsalesuperstars.com/group/hapmilitarypcs
Permalink Reply by Joyce Hathaway on December 30, 2009 at 4:09am
Have you had your client check on the HAP program?
Permalink Reply by Tessa Wilborne on December 30, 2009 at 4:18am
Yes. But the waiting list for the HAP program is rather long and I'm sure they will have to apply for funds in the new year starting a whole new budget.

Joyce Hathaway said:
Have you had your client check on the HAP program?
Permalink Reply by Pat and Ben Mullikin on January 29, 2010 at 1:32pm
I'm working with a Seller who is not delinquent. To sell the home at market would give them a shortfall of about $20K which would be about 12% of the total loan. The lender is Nationstar, who told me that since Fannie is the investor the Seller would have to be 30 days delinquent to have their short sale looked at. This Seller is willing to sign a promissory note, but the Nationstar rep also told me that a PN would not benefit the Seller's credit if we did a SS. For personal reasons the Seller will do almost anything to not have a hit of any kind on the credit score, so Seller is now scrambling around to find a way to come to closing with 20K. Any comments or suggestions?
Permalink Reply by Paola Martinsen on February 24, 2010 at 6:53pm
I've never heard of that. Call FNME at 800-732-6643. This is the short sale over time frame escalation number. Ask to speak to a level 2 rep. They might be able to look into it for you.

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