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Contact for Fannie

Posted by PJ Caruso on May 22, 2011 at 5:13am in Short Sale Discussions

The agreement notice was received for a short sale.  Buyer and seller were ready to close when we discovered the property went to trustee sale before it was suppose to.  Fannie is the invester.  Citi is the servicer. Buyer and seller are still on board.  I have been working with Citi for over 2 months to get the trustee sale rescinded. The home is not on the market.  It just sits there, waiting.  Citi will not provide contact for Fannie.  I cannot get anyone from Fannie to talk with seller or myself about this situation.

Does anyone have a good contact at Fannie?  Thank you for any help you can provide

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Replies

  • Ben Benita May 23, 2011 at 4:28pm

    GO up the food chain at CITI (they are normally very cooperative), or, try a little harder with Fannie (you can get good contact info. on line).

     

    Keep in mind, our dear uncle sam is covering teh Fannie losses, you may be facing an uphill battle.

     

    Also, for ALL your short sales, check to see if there is mortgage insurance and if so, ask what teh "coverage ratios" are, this too will help you  get your short sales done.

  • PJ Caruso May 23, 2011 at 6:46am
    Thank you for your reply.  We have  a contract at Citi and the appoval letter before it went to trustee sale. Docs were at title.  Seller had signed and brought in money.  Buyer had needed cashiers check and ready to sign when we discovered the property had went to trustee sale the day before.  I am working thru Citi trying to get the trustee sale rescinded. Citi tells me it will happen.  "It just takes time". I thought if I could contact Fannie directly, this might get done sooner.
    Kathy Sheldon said:
    I have the same problem, but Guild Mortgage is the servicer.  Need a contact at Fannie to stop trustee sale.  Thank you.
  • Kathy Sheldon May 23, 2011 at 6:04am
    I have the same problem, but Guild Mortgage is the servicer.  Need a contact at Fannie to stop trustee sale.  Thank you.
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