I am a homeowner trying to sell my home. Fannie Mae is the investor and Chase is the servicer. After being on the market for a year, never missing a payment and over 100k decrease in price we have a potential buyer for our home.
May of this year we applied for HAFA and after 90 days hand wringing by Chase we came to find out we were rejected by PMI, MI for Chase, because "we make too much money". In addition we were told we would have to cough up cash if we were to pursue a Short Sale.
So we find a buyer and came to find out Fannie Mae rejects all Short Sales if there isn't a default on the loan, no exceptions!
The question, is there any way around this? We have a hardship because my spouse's job has been relocated out of the state of TX. We were able to be approved for a new home loan in the new state but FHA requires no default on any loan .
Other than defaulting, is there anything we can do?
Any suggestions or advice is greatly appreciated.
ejohansson02@gmail.com
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Try calling Fannie Mae direct... 1-800-7Fannie and or e-mail... resource_center@fanniemae.com. I have gotten a lot of assistance using these avenues They should be able to clarify your situation for you from the horses mouth not the servicer, Just had a seller close on a Chase/Fannie, and I love his statement! No more paper "CHASE"! MI always puts a little twist on things, however!. This is to help you short sale your existing home!
You, unfortunately are looking for a "best of both worlds" situation. Get our of your existing home with no recourse, "you may want to find out if Texas is a non-recourse state" Plus buy a new home before your credit is damaged or you have a loan default. This can be possibly looked upon as a "strategic default" Can you qualify to carry both mortgages, and thus by the new home before short selling your other residence? (If you do this HAFA is out of the questions)
Best of luck! and remember... " You cant always get what you want, but you get what you need! "