Comment

Comment by Wendy Smith on November 19, 2013 at 6:54am

Here's the message from NationStar on a FNMA file.  Note the 2nd sentence:

The offer you have isn't sufficient and this file will be soft declined per the new guidelines. I can't inform you of the offer amount needed per the new guidelines. Feel free to send an increased offer if you receive one. I can let you know if it will work. Again I can't give the value needed or counter. If the buyer is unwilling to increase the offer you can dispute the value. Go to http://www.homepathforshortsales.com/ scroll to the bottom of the page to "Get started today". Complete the HomePath Short sale inquiry. You will select "contest a value". Make sure you follow the directions exactly for the dispute to be completed.

Which new guidelines do you suppose the message refers to?

Comment by Tara Samney on November 13, 2013 at 5:45am

On the 710 if the borrower relocated due to job loss and rents a home across the country- is the mortgage on a property that is considered a Primary Residence (and noted vacant) or a Second Home or Investment Property? Borrower purchased property as primary and owns no other property. Thanks!

Comment by joe beauchamp on October 23, 2013 at 12:03pm

Fred, FNMA has for years made the negotiator ask for contribution regardless of finances. Unless this is the 2nd time around, don't think of it as anything more than them happy to have your seller pull the plug on their mother's life support system to give money to FNMA's happy hour fund. My sellers are mostly broke, so I point out the finances to the negotiator and ask where the money is supposed to come from. Usually the negotiator treats it as "well, I had to ask" and moves on. But you want to give them something solid to tell their manager/FNMA, of course. FHLMC started doing this a year or two ago and FHA rules now include contribution. I haven't run into that one yet, don't know how grabby they are (but they seem to leave a lot to the servicer and servicers try to make things difficult so that the SS dies and they get to keep the file).

Besides the sheer grab for money, contribution is based upon seller's ability to pay not on the value of the property. I had an FNMA where something like $250K was owed and the negotiator came back demanding $270K plus $5K cash contribution. I asked if that was a tip for them accepting more than owed. They denied the sale (BofA), but then at that price, it wouldn't be a SS anyway, eh?

Comment by Fred Bauscus on October 23, 2013 at 11:07am

I just had my negotiator at a small servicer tell me that she's moving to another department next week because she's had it with all of the garbage that she has to put up with from Fannie Mae.

It's good to have reminders that the negotiators we're dealing with are people with feelings.  Its easy to forget sometimes that most of the time they are simply the messenger and they don't like what they are relaying any more than we do.

The file we were discussing has an offer that would net Fannie Mae 92% of the principal balance  and they countered requesting a prom note for that 8%.

Comment by Wendy Smith on October 2, 2013 at 9:10am

Another short sale bites the dust.  FannieMae counter offer higher than FMV by nearly 53%.   Fannie is out of control.

Comment by Fred Bauscus on September 16, 2013 at 12:24pm

Fannie Mae screwy valuation du jour:  Condo listed and under contract for 125K (thought we were pushing value at that price).  Fannie Mae suggested list: 178K.  The unit next door closed 10 days ago as a Fannie Mae REO for 76K.

Comment by Ro Reed on August 20, 2013 at 5:10am

Citizens 1st and 2nd.  When the negotiator called with a counter I immediately sent her comps to prove how far off the numbers were.  I was sure she'd say "Enter a dispute with FNMA" but within an hour she messaged that they were ordering a new appraisal and I should hear from the appraiser soon."  I messaged after 6 days and she replied that, after checking the file,FNMA allowed 2 weeks to pick up the order.  The next day she called to inform me that the appraisal was back and the value was the same!  I reminded her of our emails the day before and also that I am the point of contact for access to the home.  She asked me to give her until 4:00 today but alluded to needing to dispute with Fannie. Amazing!

 

Comment by Fred Bauscus on July 23, 2013 at 7:47pm

Has anyone attempted to escalate a Fannie Mae issue to FHFA?  I'm curious if that produced any success. 

Comment by David A. Roebuck on July 21, 2013 at 2:20pm

Anyone know if Fannie will allow a Short Sale for an investor who owns several properties and is attempting to sell one of them while not really having a true down to earth hardship?  Servicer is Chase and I am getting conflicting stories from LM and SS depts.

Comment by Paula Bachman on July 19, 2013 at 2:17pm

I'd also like an executive contact at Fannie Mae. I've gone in circles with a Fannie valuation dispute and am burning through buyers because the value set by Fannie is too high.

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