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Fannie Mae postponement

Posted by Rowena Hardin on May 19, 2011 at 5:04am in Short Sale Discussions
Help.  I have a BOA account that is Fannie Mae.  Bank of America screwed around with our HAFA request on two offers and now Fannie Mae will not allow a postponement for the short sale.  The seller has been 100% proactive and cooperative, the fault for delay is entirely on BOA.  Can anyone give me advice on how I can get this postponed?  I can't get Fannie Mae off their scripts to have a real conversation about this.  I need an inside contact for help. 

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Replies

  • Julia Huntsman, 562-896-2609 May 26, 2011 at 9:30am
    Rowena, at what point in the short sale process will FNMA postpone sale date? before final short sale approval or after?

    Rowena Hardin said:
    Fannie Mae established a three postponement limit last year, but this property has only had one postponement.  I guess we have new rules again.  So much for helping homeowners avoid foreclosure. 
  • Rowena Hardin May 20, 2011 at 5:56pm
    More great info.  You've been very helpful. 

    Paola Martinsen said:

    Maybe its different in your state? You can always call Fannie Mae directly and ask to speak to level 2 rep and get some clarification and assistance regarding that.

    1-888-FANNIE5 (888-326-6435)

    or MHA inquiry resolution [escalations@hmpadmin.com] Even though they are HAMP they still help with short sales

    HAMP Solution Center

    P.O. Box 809006

    Dallas, TX 75380-9006

    Phone: 866-939-4469, Option 2

    Email: escalations@hmpadmin.com

    Fax: 1-240-699-3883

     

    Rowena Hardin said:

    I didn't know this, however they made their last payment in Sept 2010, eight months ago.  Fannie Mae is being very agressive with this one.  We listed as a short sale in August, trying to be proactive. The quickest a foreclosure can happen in NV is 7 months.  Fannie is not giving anything on this one. 


    Paola Martinsen said:

    If the home owner is more than 12 payments behind they wont postpone a second time....
  • Paola Martinsen May 20, 2011 at 5:53pm

    Maybe its different in your state? You can always call Fannie Mae directly and ask to speak to level 2 rep and get some clarification and assistance regarding that.

    1-888-FANNIE5 (888-326-6435)

    or MHA inquiry resolution [escalations@hmpadmin.com] Even though they are HAMP they still help with short sales

    HAMP Solution Center

    P.O. Box 809006

    Dallas, TX 75380-9006

    Phone: 866-939-4469, Option 2

    Email: escalations@hmpadmin.com

    Fax: 1-240-699-3883

     

    Rowena Hardin said:

    I didn't know this, however they made their last payment in Sept 2010, eight months ago.  Fannie Mae is being very agressive with this one.  We listed as a short sale in August, trying to be proactive. The quickest a foreclosure can happen in NV is 7 months.  Fannie is not giving anything on this one. 


    Paola Martinsen said:

    If the home owner is more than 12 payments behind they wont postpone a second time....
  • Rowena Hardin May 20, 2011 at 5:50pm

    This is good advise, we will do this.  Thanks. 



    Previous SunTrust Negotiatior said:

    You need to write a letter to the Treasury department or occ.gov

     

    You can always write a letter to the President of Fannie. All this information can be found on google. Worst case scenerio they can rescind the sale.

  • Rowena Hardin May 20, 2011 at 5:49pm

    I didn't know this, however they made their last payment in Sept 2010, eight months ago.  Fannie Mae is being very agressive with this one.  We listed as a short sale in August, trying to be proactive. The quickest a foreclosure can happen in NV is 7 months.  Fannie is not giving anything on this one. 


    Paola Martinsen said:

    If the home owner is more than 12 payments behind they wont postpone a second time....
  • Previous SunTrust Negotiatior May 20, 2011 at 5:31pm
    No. You need to document all requests and communications with the bank. Use as many names and dates as possible. Do not be an expert on short sale versues REO. It will not work if you do that. Remember paper beats rocks
  • Paola Martinsen May 20, 2011 at 5:28pm

    @Previous SunTrust Negotiatior, when writing a letter to the Occ what whould the reason behind the postponement be? In other words would you be talking numbers to them? When escalating to FNME I would obviously show them the numbers and why the short sale is better vs foreclosure...what do you recommend as the spin to the oc
    Previous SunTrust Negotiatior said:
    If default over 12 months is new rule.

    Rowena Hardin said:
    Fannie Mae established a three postponement limit last year, but this property has only had one postponement.  I guess we have new rules again.  So much for helping homeowners avoid foreclosure. 
  • Paola Martinsen May 20, 2011 at 5:27pm
    @Previous SunTrust Negotiatior, when writing a letter to the Occ what whould the reason behind the postponement be? In other words would you be talking numbers to them? When escalating to FNME I would obviously show them the numbers and why the short sale is better vs foreclosure...what do you recommend as the spin to the occ?
  • Previous SunTrust Negotiatior May 20, 2011 at 5:22pm
    If default over 12 months is new rule.

    Rowena Hardin said:
    Fannie Mae established a three postponement limit last year, but this property has only had one postponement.  I guess we have new rules again.  So much for helping homeowners avoid foreclosure. 
  • Previous SunTrust Negotiatior May 20, 2011 at 5:22pm

    You need to write a letter to the Treasury department or occ.gov

     

    You can always write a letter to the President of Fannie. All this information can be found on google. Worst case scenerio they can rescind the sale.

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