Replies to This Discussion

Permalink Reply by Nate Gerard on July 17, 2010 at 8:29am

Nothing about IndyMac/One West would surprise me.

What state are you in? Is it a deficiency free state for first mortgages? How close is your homeowner to the sheriff's sale and how much statutory redemption time do you get in your state? Answers to these questions (among others) will help determine your best path.

Permalink Reply by Ben Benita on July 17, 2010 at 8:43am

Send the prior acceptance letters to the dummies at One West, and, ESCALATE THIS PUPPY ASAP!!!!

Also, to ease your Seller's mind, "gently" remind your Seller the consequences will be the EXACT SAME if he/she just lets the home go to foreclosure.....

We use a pre-screening check list for any agents we negotiate for that includes having the Seller agree to ANY AND ALL possible consequences of the short sale, be it cash at closing, deficiency or promissory notes (we of course still do our best to negotiate these off if they do show up on the acceptance letter).

Permalink Reply by Ben Benita on July 17, 2010 at 8:44am

I also think with a HAFA approved short sale there is no deficiency consequence......

Permalink Reply by Alexander Max on July 17, 2010 at 1:36pm

If you applied under the FHA program and requested to participate and have been granted a letter of approval there should be no deficiency on the first if they are a participating servicer. Most FHA loand have PMI built into the loans and they are insured by us taxpayers in a default.

Permalink Reply by Jennie Blackburn on July 19, 2010 at 4:10am

Florida is a judicial state, so lenders have the right to file suit (lis pendens) and pursue the homeowner after the lender obtains final judgment. Lender has 5 years to get a judgment and can pursue the homeowner foe 20 years.

Permalink Reply by Jennie Blackburn on July 19, 2010 at 4:12am

good idea - I'll try that.

Ben Benita said:

Send the prior acceptance letters to the dummies at One West, and, ESCALATE THIS PUPPY ASAP!!!!

Also, to ease your Seller's mind, "gently" remind your Seller the consequences will be the EXACT SAME if he/she just lets the home go to foreclosure.....

We use a pre-screening check list for any agents we negotiate for that includes having the Seller agree to ANY AND ALL possible consequences of the short sale, be it cash at closing, deficiency or promissory notes (we of course still do our best to negotiate these off if they do show up on the acceptance letter).

Permalink Reply by Jennie Blackburn on July 19, 2010 at 4:13am

It was not FHA-it was conventional.

Alexander Max said:

If you applied under the FHA program and requested to participate and have been granted a letter of approval there should be no deficiency on the first if they are a participating servicer. Most FHA loand have PMI built into the loans and they are insured by us taxpayers in a default.

Permalink Reply by Jennie Blackburn on July 20, 2010 at 7:04am

Okay, we finally got through to Fannie Mae. We asked if the "retain all deficiency rights" clause is mandatory for Fannie Mae loans. She said this is in the Guidelines that Fannie Mae gives to its loan servicing companies. We asked if not waiving the deficiency is a hard and fast rule and she said, "No, but it's in the Guidelines and the Loan Servicing companies do follow the Guidelines." We were also told that Fannie Mae will not be issuing 1099s -- that is up to the servicer (IndyMac, BoA, etc.). ?? That's weird.

Permalink Reply by Cheri Smith on September 1, 2010 at 11:52am

Jennie, would you mind sharing contact info for Fannie Mae? I'm going through the exact same thing. IndyMac gave us approval but states that the investor (Fannie) will not allow them to waive deficiency rights. I'd like to speak to someone at Fannie Mae.

Jennie Blackburn said:

Okay, we finally got through to Fannie Mae. We asked if the "retain all deficiency rights" clause is mandatory for Fannie Mae loans. She said this is in the Guidelines that Fannie Mae gives to its loan servicing companies. We asked if not waiving the deficiency is a hard and fast rule and she said, "No, but it's in the Guidelines and the Loan Servicing companies do follow the Guidelines." We were also told that Fannie Mae will not be issuing 1099s -- that is up to the servicer (IndyMac, BoA, etc.). ?? That's weird.

Permalink Reply by Jennie Blackburn on September 2, 2010 at 9:20am

Here's what I have: (800) 732-6643, [email protected]

Cheri Smith said:

Jennie, would you mind sharing contact info for Fannie Mae? I'm going through the exact same thing. IndyMac gave us approval but states that the investor (Fannie) will not allow them to waive deficiency rights. I'd like to speak to someone at Fannie Mae.

Jennie Blackburn said:

Okay, we finally got through to Fannie Mae. We asked if the "retain all deficiency rights" clause is mandatory for Fannie Mae loans. She said this is in the Guidelines that Fannie Mae gives to its loan servicing companies. We asked if not waiving the deficiency is a hard and fast rule and she said, "No, but it's in the Guidelines and the Loan Servicing companies do follow the Guidelines." We were also told that Fannie Mae will not be issuing 1099s -- that is up to the servicer (IndyMac, BoA, etc.). ?? That's weird.

Permalink Reply by Cheri Smith on September 2, 2010 at 10:20am

Thanks for the number Jennie. I called, explained the situation, and was transferred to corporate headquarters where I left a message. Bryan in the Level 2 Resource Center called me back the following day and said he is not aware of any FNMA guideline preventing the servicer from removing deficiency language. He thought it should be at the lender's discretion. He said he would escalate the file to a portfolio manager and they would contact IndyMac directly. I am so giddy! I'm trying not to get too excited until I know the outcome but I do have hope again. I relayed all of this information to my IndyMac negotiator and what do you know, he responded by saying "I sent a request to waive the deficiency to FNMA and they are reviewing." That's about all I can ask for right now.

Jennie Blackburn said:

Here's what I have: (800) 732-6643, [email protected]

Cheri Smith said:

Jennie, would you mind sharing contact info for Fannie Mae? I'm going through the exact same thing. IndyMac gave us approval but states that the investor (Fannie) will not allow them to waive deficiency rights. I'd like to speak to someone at Fannie Mae.

Jennie Blackburn said:

Okay, we finally got through to Fannie Mae. We asked if the "retain all deficiency rights" clause is mandatory for Fannie Mae loans. She said this is in the Guidelines that Fannie Mae gives to its loan servicing companies. We asked if not waiving the deficiency is a hard and fast rule and she said, "No, but it's in the Guidelines and the Loan Servicing companies do follow the Guidelines." We were also told that Fannie Mae will not be issuing 1099s -- that is up to the servicer (IndyMac, BoA, etc.). ?? That's weird.

Permalink Reply by Jennie Blackburn on September 2, 2010 at 10:25am

Cheri, that's fantastic! Let me know what happens, how it all turns out.

Cheri Smith said:

Thanks for the number Jennie. I called, explained the situation, and was transferred to corporate headquarters where I left a message. Bryan in the Level 2 Resource Center called me back the following day and said he is not aware of any FNMA guideline preventing the servicer from removing deficiency language. He thought it should be at the lender's discretion. He said he would escalate the file to a portfolio manager and they would contact IndyMac directly. I am so giddy! I'm trying not to get too excited until I know the outcome but I do have hope again. I relayed all of this information to my IndyMac negotiator and what do you know, he responded by saying "I sent a request to waive the deficiency to FNMA and they are reviewing." That's about all I can ask for right now.

Jennie Blackburn said:

Here's what I have: (800) 732-6643, [email protected]

Cheri Smith said:

Jennie, would you mind sharing contact info for Fannie Mae? I'm going through the exact same thing. IndyMac gave us approval but states that the investor (Fannie) will not allow them to waive deficiency rights. I'd like to speak to someone at Fannie Mae.

Jennie Blackburn said:

Okay, we finally got through to Fannie Mae. We asked if the "retain all deficiency rights" clause is mandatory for Fannie Mae loans. She said this is in the Guidelines that Fannie Mae gives to its loan servicing companies. We asked if not waiving the deficiency is a hard and fast rule and she said, "No, but it's in the Guidelines and the Loan Servicing companies do follow the Guidelines." We were also told that Fannie Mae will not be issuing 1099s -- that is up to the servicer (IndyMac, BoA, etc.). ?? That's weird.

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