Working on a coop short sale/FNMA and a notice of trustee sale was just posted on the property, for July 2. BofA/REDC servicer has been stuck on a price that's now too high. We lost our first buyer, and have received 3 new offers all about the same price but $20K lower than coop listing price and am uploading one into Equator today. REDC is playing hardball with postponing trustee sale. Anyone have a contact at FNMA that Seller can appeal to? I should mention we lost the first 45 days of our 120 day marketing time waiting for REDC to decide on a list price when I had an offer they wouldn't look at until "marketing plan" was complete. Shouldn't they at least honor the 120 marketing time before foreclosing?
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Why I don't believe in the COOP program. I know how bad some of these BPO's can come in. If they only allow you 4 reductions in 120 days and the last one is still too high...there you go!
If BofA is the servicer I would escalate to....
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