Freddie Mac Discussions - Short Sale Superstars2024-03-29T14:14:47Zhttps://shortsalesuperstars.com/group/freddiemac/forum?feed=yes&xn_auth=noRD loan guidelinestag:shortsalesuperstars.com,2015-09-28:3468065:Topic:3683682015-09-28T15:29:29.334ZAshley Den Uylhttps://shortsalesuperstars.com/profile/AshleyDenUyl
<p>I have a buyer doing an RD loan on one of my short sales and is asking for roughly 4% closing cost to be paid by the seller. Does Freddie Mac allow more than 3% seller concessions with an RD loan?</p>
<p>I have a buyer doing an RD loan on one of my short sales and is asking for roughly 4% closing cost to be paid by the seller. Does Freddie Mac allow more than 3% seller concessions with an RD loan?</p> RD loan guidelinestag:shortsalesuperstars.com,2015-09-28:3468065:Topic:3684462015-09-28T15:29:29.249ZAshley Den Uylhttps://shortsalesuperstars.com/profile/AshleyDenUyl
<p>I have a buyer doing an RD loan on one of my short sales and is asking for roughly 4% closing cost to be paid by the seller. Does Freddie Mac allow more than 3% seller concessions with an RD loan?</p>
<p>I have a buyer doing an RD loan on one of my short sales and is asking for roughly 4% closing cost to be paid by the seller. Does Freddie Mac allow more than 3% seller concessions with an RD loan?</p> Seller Contribution at Closing for freddie mac loans?tag:shortsalesuperstars.com,2015-08-03:3468065:Topic:3667742015-08-03T16:51:55.426Zjohnna lodgehttps://shortsalesuperstars.com/profile/johnnalodge
<p>Hi All,</p>
<p></p>
<p>I know FHA provides seller contributions at closing for owner occupied sellers.</p>
<p></p>
<p>Does freddie mac provide owner occupied contributions for owner occupied properties still?</p>
<p></p>
<p>thanks,</p>
<p>Johnna</p>
<p>Hi All,</p>
<p></p>
<p>I know FHA provides seller contributions at closing for owner occupied sellers.</p>
<p></p>
<p>Does freddie mac provide owner occupied contributions for owner occupied properties still?</p>
<p></p>
<p>thanks,</p>
<p>Johnna</p> Can borrower in default get copy of BPO when they say offers are too low?tag:shortsalesuperstars.com,2015-02-09:3468065:Topic:3624242015-02-09T22:42:34.232ZL Brownhttps://shortsalesuperstars.com/profile/LBrown
<p>I was surprised how difficult the negotiator was on first contact today.</p>
<p>He said our value was 'very low' when I know it was not. He is basing his comments on the BPO.</p>
<p>I heard borrowers can lnow find out what that value is, but he refused to tell me. .</p>
<p>Anyone know if we can get the value? The sale is in 3 weeks. Oh and yes, this is a Freddie Mac loan.</p>
<p>I was surprised how difficult the negotiator was on first contact today.</p>
<p>He said our value was 'very low' when I know it was not. He is basing his comments on the BPO.</p>
<p>I heard borrowers can lnow find out what that value is, but he refused to tell me. .</p>
<p>Anyone know if we can get the value? The sale is in 3 weeks. Oh and yes, this is a Freddie Mac loan.</p> Is there disadvantage to using Notice of Default Purchase Agreement over RPA?tag:shortsalesuperstars.com,2015-02-07:3468065:Topic:3623242015-02-07T00:18:03.532ZL Brownhttps://shortsalesuperstars.com/profile/LBrown
<p>I notice that most of the big investors rarely put their offers on a Notice of Default Purchase Agreement,</p>
<p>they are all on a standard one, in California the Residential Purchase Agreement.</p>
<p></p>
<p>Is there a disadvantage to using the NDPA? Are there any Freddie Mac restrictions concerning investors over other buyers?</p>
<p></p>
<p>Thanks! (could not find how to thank Kevin for his last answer, so thanks.</p>
<p>I notice that most of the big investors rarely put their offers on a Notice of Default Purchase Agreement,</p>
<p>they are all on a standard one, in California the Residential Purchase Agreement.</p>
<p></p>
<p>Is there a disadvantage to using the NDPA? Are there any Freddie Mac restrictions concerning investors over other buyers?</p>
<p></p>
<p>Thanks! (could not find how to thank Kevin for his last answer, so thanks.</p> Plaza Home Mortgage handling Freddie Mac loantag:shortsalesuperstars.com,2015-02-01:3468065:Topic:3621842015-02-01T17:21:47.082ZL Brownhttps://shortsalesuperstars.com/profile/LBrown
<p>We're initiating a short sale with Plaza Home Mortgage and were surprised how quickly they filed a Notice of Sale after the loan mod failed. They are quoting 23 days to auction.</p>
<p>This is a Freddie Mac loan. Anyone familiar this institution and how it goes with a FM loan under them? Can't find anything on them re short sales on the internet.</p>
<p>We're initiating a short sale with Plaza Home Mortgage and were surprised how quickly they filed a Notice of Sale after the loan mod failed. They are quoting 23 days to auction.</p>
<p>This is a Freddie Mac loan. Anyone familiar this institution and how it goes with a FM loan under them? Can't find anything on them re short sales on the internet.</p> FREDDIE MAC GUIDELINEtag:shortsalesuperstars.com,2014-11-06:3468065:Topic:3580312014-11-06T15:36:02.532ZScotthttps://shortsalesuperstars.com/profile/ScottColeman
<p>Could someone point me to the Freddie Mac guideline that states if the 2nd lien holder accepts funds from the 1st, that they MUST waive the deficiency. </p>
<p></p>
<p>Right now I'm stuck between WF and a local credit union.</p>
<p></p>
<p>Thanks!,</p>
<p></p>
<p>Scott</p>
<p>Could someone point me to the Freddie Mac guideline that states if the 2nd lien holder accepts funds from the 1st, that they MUST waive the deficiency. </p>
<p></p>
<p>Right now I'm stuck between WF and a local credit union.</p>
<p></p>
<p>Thanks!,</p>
<p></p>
<p>Scott</p> Can Freddie collect more than remaining balance in a SS?tag:shortsalesuperstars.com,2014-09-19:3468065:Topic:3555742014-09-19T22:11:50.806ZC. J. Risleyhttps://shortsalesuperstars.com/profile/CJRisley
<p>Unique situation: 1st(Freddie) is whole with a 2nd and 3rd lien on prop. We have an approval letter from 1st saying they'll give up $6K to jr. liens which leaves $33k unaccounted for. We have spoke to servicer(Wells) and they us that the excess was going towards the late fees and the foreclosure atty. I have done enough SSs to know I haven't heard of this happening before. Title says they cannot properly do a HUD with $33k missing-I believe that...we have escalated to Freddie waiting for…</p>
<p>Unique situation: 1st(Freddie) is whole with a 2nd and 3rd lien on prop. We have an approval letter from 1st saying they'll give up $6K to jr. liens which leaves $33k unaccounted for. We have spoke to servicer(Wells) and they us that the excess was going towards the late fees and the foreclosure atty. I have done enough SSs to know I haven't heard of this happening before. Title says they cannot properly do a HUD with $33k missing-I believe that...we have escalated to Freddie waiting for an answer....What should we expect? Please let me know if you have run into a similar situation...</p> Freddie Mac wanting employment verificationtag:shortsalesuperstars.com,2014-08-21:3468065:Topic:3543542014-08-21T16:36:53.355ZAshley Den Uylhttps://shortsalesuperstars.com/profile/AshleyDenUyl
<p>Freddie Mac has been hassling my clients employer to fill out a document and send income spreadsheets for 3 years....? </p>
<p>Have any of you had this happen to your clients? What did you do?</p>
<p>I feel that Freddie Mac is trying to begin wage garnishments and I don't want that to happen so I am not sure if my client should comply or not....</p>
<p></p>
<p>Thanks for your help :)</p>
<p>Freddie Mac has been hassling my clients employer to fill out a document and send income spreadsheets for 3 years....? </p>
<p>Have any of you had this happen to your clients? What did you do?</p>
<p>I feel that Freddie Mac is trying to begin wage garnishments and I don't want that to happen so I am not sure if my client should comply or not....</p>
<p></p>
<p>Thanks for your help :)</p> Freddie refusing to pay LESS than 6K to a junior lien?tag:shortsalesuperstars.com,2014-04-21:3468065:Topic:3481452014-04-21T20:02:21.890ZTeresa Keelerhttps://shortsalesuperstars.com/profile/TeresaHejna
<p>Hello all, I have a deal whereas the junior lien balance is only 8K and they are willing to accept $1200. I am being told by the negotiator at Wells that we have to pay them 6K regardless of their requirement. Did this change recently or is this person confused? The only regulation I've seen has said "up to" 6K and does not require that the full 6K be paid. </p>
<p>Hello all, I have a deal whereas the junior lien balance is only 8K and they are willing to accept $1200. I am being told by the negotiator at Wells that we have to pay them 6K regardless of their requirement. Did this change recently or is this person confused? The only regulation I've seen has said "up to" 6K and does not require that the full 6K be paid. </p>