Latest Fannie Tactic - Large Homeowner Contribution Requirements???

I was expecting an irrational Fannie value on this BofA Fannie file ... instead, the counter came back at the Buyer's offer price with a request for a $46,200 contribution from the Seller!!!  $385/month for 10 years.

These homeowners have take-home pay of $2,650 versus expenses of $4,400 per month.

Homeowner's unpaid principal balance is $205K.  Net proceeds on the HUD are $156,942.  So the Seller contribution basically makes this a non-short sale.

Is this a new tactic to force homeowners into foreclosure so Fannie can beef up its REO inventory???

Rent + the proposed monthly contribution is essentially equivalent to the house payment they couldn't afford.

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Have you reviewed FNMA guidelines on contributions? Is the Homeowner more than 30 days past due?

New? I've gotten these demands for years from freddie/fannie. If there is a pulse (or not) it doesn't hurt to ask, seems to be their motto. Discuss the income/outgo and the assets with the negotiator and ask him where the seller is supposed to get this money. (Do I have to add, "then tell him that the seller cannot afford to contribute"?)

Did the Servicer relay this to you from FNMA or did FNMA tell you directly?

This was relayed by the Servicer. Negotiator stated that she had completed an analysis of the Homeowner's financials and based on investor guidelines .... <blah, blah, blah>

 

I would go ahead and submit a concern here.

http://www.homepathforshortsales.com/short-sales-listingagent.html

I've had the same experience with Fannie requesting a huge seller contribution. The amount would make BofA whole.

Barbara I currently have a similar situation on a FNMA loan serviced by Chase.  How did your sale turn out? I know that was quite awhile ago but maybe you remember.  

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