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Imminent Default and Fannie Mae

Posted by Brent Innocenzi on February 29, 2012 at 4:59am in Short Sale Discussions

BofA serviced Fannie Mae Investor short sale. Borrower is current but is truly facing imminent default. He has documented illness, curtailment of income, and depleted all of savings. As far as I understand Fannie Mae requires at least 1 payment behind. Anyone ever get one through or no?

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Replies

  • Minna Reid March 1, 2012 at 1:32pm

    I just had a Fannie Mae current approved. Good credit, no missed payments, strong liquid assets, kind of a weak hardship too. She did have to contribute 6% cash to get deficiency waiver. Good deal.

    • Becky Martin > Minna Reid March 1, 2012 at 1:43pm

      Who was the loan lender/servicer you worked with?

      • Minna Reid > Becky Martin March 1, 2012 at 1:58pm

        Chase

  • jenn wood February 29, 2012 at 5:05am

    I am working on a file with fannie mae as the investor and my client isn't behind. We received the approval letter last Thursday. However  he is in the military so I am not sure if that had something to do with it.

    • Brent Innocenzi > jenn wood February 29, 2012 at 6:27am

      Thanks Jenn! That is good information. This client is non military, so hoping others will chime in too.

      • Becky Martin > Brent Innocenzi February 29, 2012 at 1:50pm

        I hope someone else has some comment as I have the same situation with Fannie on a homeowner who is not delinquent but in imminent danger of being delinquent - when I read up on the guidelines it seems to allow for this situation on page 17 of the attached file under Eligibility 4th bullet point under 1."Requests a short sale"  I am going to call the servicer CitiMortgage and talk to them about their policy and will re post then, call BOA and see what they say about it.....

        loanworkoutfactsheet.pdf

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