Replies to This Discussion

Permalink Reply by Jim Schneider on April 3, 2011 at 4:56am

Linda,
I would suggest first going through the Freddie Mac Seller/Servicer guide, the link is in the Freddie Group on SSS. Figure out what specific rules they are violating. Go to the servicer and the investor citing chapter and verse. Make sure all of your faxes state CC Freddie Mac and their fax number and quotes the rule and page from the guide.

Also, as Freddie is now public property, I'd have the sellers' write a letter explaining their situation to their Senators, house members, the OCC help with your bank.

• ▶ Reply

Permalink Reply by Eileen Johnson on April 6, 2011 at 12:38pm

Hi Linda,

In December2010 I had the same situation with Chase and Freddie Mac was the investor. The Chase negotiator countered me at $415,000 the first time I spoke to him after sending in my short sale pkg with a cash offer of $350,000. I explained to the Chase negotiator that the property was not worth $415,000 and that the cash offer of $350,000 was a market offer and asked what I could do to prove this to him. He gave me 3 days to get comps into him. I got the comps in to him and he emailed me that he would send the comps in for review and that it could take up to 30 days to get an answer. In 2 weeks, he emailed back and said that Freddie Mac would not change their counter of $415,000. He said that Freddie Mac had access to MLS. I called the negotiator and I explained to him that if Freddie Mac looked on MLS, they would see that my comps were right on. I explained that the buyer would not pay that for this property. He said he had to cancel the file. The property had a Chase trustee sale in approx. 10 days. I got with the buyer's agent and had the buyer get an appraisal done. It came in at $355,000. I then called Chase executive services and explained the situation and asked them to postpone the trustee sale. They reviewed the previous short sale file. They said that they felt that the short sale was handled properly and the comps sent for a valuation check and that the investor was correct in asking for $415,000 and so they would not request a postponement of the trustee sale. I then sent in a request for Freddie Mac to postpone the trustee sale, I emailed the appraisal along with a borrower's authorization and the buyer's offer to Freddie Mac. Within a day I received a response from Freddie Mac to acknowledge my email and they thanked me for including the borrowers authorization so that they could speak with me. Their email said that they had forwarded my email to a "higher department" at Freddie Mac for review and decision. I did not hear anything for about 4 days. I then did an urgent email to postpone the trustee sale and to please reply to my original email to them. The next morning I received a call from a Freddie Mac representative. He first told me that the trustee sale had been postponed for 30 days. I explained the history of the short sale and why I was asking assistance from Freddie Mac. I at no time said anything derogatory about Chase, I just stuck to the facts of the short sale. He said that he reviewed the appraisal and ran some comps and that he felt that Freddie Mac would approve the buyer's offer. He told me that he would contact me in 48 hours with Freddie Mac's answer.

I the next morning received a call the next morning from Chase executive services from a lady requesting to know what the history of my short sale with Chase entailed. I explained to her the details by date of the process of the short sale.

In exactly 48 hours he called me back and told me that Freddie Mac approved the buyer's offer. I then asked him if he had notified Chase. He said that he had notified Chase executive services. I asked him whom he had contacted at Chase and as it turns out it was the same lady that had called me.(When she called me I asked her for her name and phone #). He told me to call the same negotiator that closed the file and tell him to open it and that Freddie Mac had approved the buyer's offer. I did not feel that that was appropriate, so I contacted the lady from Chase executive services that had contacted me and that the Freddie Mac representative had contacted to advise of the buyer's offer being approved. I asked how Chase wanted to proceed with the short sale and she informed me that a new negotiator had been given the previous short sale file and notification that the investor had approved the offer. I have never needed to go to the investor before on a short sale, but I felt in this case it was warranted and the buyer really wanted this property. Hope this helps.

Eileen Johnson

Jim Schneider said:

Linda,
I would suggest first going through the Freddie Mac Seller/Servicer guide, the link is in the Freddie Group on SSS. Figure out what specific rules they are violating. Go to the servicer and the investor citing chapter and verse. Make sure all of your faxes state CC Freddie Mac and their fax number and quotes the rule and page from the guide.

Also, as Freddie is now public property, I'd have the sellers' write a letter explaining their situation to their Senators, house members, the OCC help with your bank.

• ▶ Reply

Permalink Reply by Eileen Johnson on April 6, 2011 at 1:06pm

Linda,

Here is the Freddie Mac contact info. Keep in mind that you need to email them a signed borrower's authorization to show that their borrower has authorized them to speak with you.

Email: [email protected]

Phone #'s: 877-518-8429 and 800-Freddie Press 0

Please let us know if you were able to resolve your situation

Best of luck,

Eileen Johnson

• ▶ Reply