FNMA Contacts
Does anybody know how to contact FNMA to review a ss?.. other than the resource center # (They don't help) and BOA won't release any information-they do not contact anybody themselves via phone all is done via email/system, so that doesn't allow room to explain a scenario.
Need FNMA to review what the 2nd is demanding to get in order to release the lien. Boa services the 1st and the investor is fnma-the same week we finally were about to get Approval for the Short sale on 1st Lien at 210k, boa sells the 2nd they had to Real Time Resolutions, now instead of 6k they released an approval for 20k-the minimum they are willing to take is 13.7k-but due to fnma guidelines there can not be any cash contributions to the 2nd-and RTR will not accept off the hud either.
FNMA response after 3 weeks of waiting was they wouldn't allow more than 6k to 2nd (according to BOA negotiator) and prefer to let it go to auction with bids starting @ 160k!!, the sale was postponed-but now only have 20 days to resolve this or it will go to auction. RTR contact is Brian Byrd and then escalated to Brian Gramlich-they do not want to budge on the minimum nor on off the hud1 scenario. They too prefer to get $0 if foreclosed. Seller already bk'd and this a non recourse loan...they will not be able to collect anything either way.
From conversations with Brian Byrd-he says RTR and many other 2nds are taking the same stand to teach FNMA a lesson and to force them to change their guidelines where they can't impose/demand what the 2nd will/should take.. so they rather foreclose than to release the lien!
Any suggestions??
Replies to This Discussion
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Permalink Reply by Gail Mitkoff on
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Please use the Fannie Mae Short Sale Assistance Desk and submit this issue to Fannie Mae asap. I believe you subscribe to SRAR? If so, you are eligible to submit this issue to the Assistance Desk. Log onto their site and the Assistance Desk is behind a password protected area.
Gail
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Permalink Reply by Erica Contreras on
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I submitted to their site. It says it could take a week to review or up to 3 weeks..
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Permalink Reply by Becky Martin on
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wow, talk about cutting off your nose to spite your face:(
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Generally speaking, most cases take less than two weeks to resolve. However, with second liens and MI issues, it could take longer.
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Permalink Reply by Jeff Payne on
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Becky, that is pretty typical for Fannie Mae, just look at the amount of money that they squander. I only hope that this assistance desk will help change their short sale track record. Last year we met with a VP at Fannie Mae and she admitted that 75% of their defaulted assets become foreclosures. I find it hard to believe that there were not more short sale opportunities that could have changed that number. Sorry to get off topic, I am not a fan of Fannie :(
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Permalink Reply by Beverly Cibulsky on -
Erica,
Try Calling 1-800-732-6643 (1-800-7Fannie) However, first send a third party authorization to [email protected] , I have found them to be helpful. They will try and direct you to use assistance desk. I do not have access to that, so that helped! They never asked what MLS etc, once I convinced them I did not have access after all it is still a fairly new program! However you may have a problem because of the second. You may want to try cc the e-mail you send to fannie mae resource to the US Treasury Dept. at [email protected] . The Treasury Dept, needs to be aware of "lenders" messing around, costing more money lossed on distressed properties.
I did this on a Fannie , where the lender would drag their feet and and thus constantly needing updated financials, a contant paper "chase" if you know what I mean. We got an approval from the "lender" in about 10 business days.
Our MLS does not participate in Assistance Desk, so I have/cannot use and cant comment on the effectiveness.
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Beverly,
I will share this information with the Short Sale Assistance Desk. Which MLS do you subscribe to? Have you asked your MLS to implement the Short Sale Assistance Desk?
Gail
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Permalink Reply by Joshua Gayman on
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Erica,
For escalating at Fannie Mae, it can be very frustrating because the resource center is a joke and when you go to higher-ups at Fannie they just direct you back down the chain to the resource center. Do this: Call into the resource center and before you get talking to the person, simply tell them, "I received a message from someone at Fannie who told me to call the resource center and ask for level 2." They will then transfer you to someone who has at least a little more brain power.
However, Not sure that Fannie can do much for you here. They have not been postponing foreslosure sales lately unless they have approvals on them. Since you have approval on the first, you could try to tell them that you are just working out a small issue with the buyer's financing and need an extension, but definately DO NOT tell them that you need more time to negotiate with the second lien holder as the reason for needing the extension.
About RTR, they are a real B($*% being that they bought the debt from BofA. I would say to try and negotiate a very quick non-secured note to handle them. In many states, they can't actually collect on the unsecured note anyways once it is short sold, and worse case scenario, they agree to settle the unsecured note for a smaller payoff later(usually less than 40%).
But MOVE QUICK on this :)
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I just got a call from FNMA they got the case, and have contacted BoA to send the package to the 2nd lien escalation at fnma for them to review, and he said they would stay on top of postponing the next TS date...let's see how this goes. He couldn't give me a timeframe though..
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Ya, keep me posted and let me know if I can help.
Should be interesting to see what happens with RTR..
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