Question about new guideline changes Nov 1- imminent default.
I just got off the phone with multiple agents from both Freddie Mac and Chase. Neither have any information about the new guidelines that went into effect Nov 1st.
Question: I have a client that will be experiencing default soon due to disability and is presently current on loan. If neither the servicer nor Freddie Mac are aware of the new guidelines allowing a borrower to sell short while being current, how is this to be approached???
Thanks.
Replies to This Discussion
-
Permalink Reply by Barry Chadwell on
-
Good question. Coincidentally, I had the same conversation with Chase today. Short sale supervisor said he did not know anything about the Nov 1 directive. My case is already in process and he did not know if I can send a revised HUD or if I have to start over. I offered to send him the pertinent pages of the Publication along with my revised HUD and that is what I am going to do. If I was starting a new deal, I think I would just keep after Chase to send out the Borrower Solicitation Package referenced in the Pub. FreddieMac Publication Number 908, dated September 2012 if that helps anyone.
-
-
Permalink Reply by Paul Kuriatnyk on
-
Thanks Barry. This appears to be the best course of action at this point. Please let us know how they respond to your new submission.
-
-
Permalink Reply by Kevin - Greenville, SC on
-
Freddie Mac is aware of the new Guideline (they put out the Guidance) and I am sure someone at the Chase is too. You just need to find out who those people are.
http://realtorsfr.org/Standard%20Short%20Sale%20Highlights.pdf
http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1216.pdf
http://www.fhfa.gov/webfiles/24211/ShortSalesPRFactFinal.pdf
-
-
-
Very aware that Freddie posted the guidance. The problem is the lack of internal education of those answering the phones.
Barry answered my question well.
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons