Comment

Comment by Tyra General on August 24, 2012 at 3:29am

Hi All! Has anyone ever dealt with a Wells Fargo loan that was initially initiated as a World Saving loan? Seems to be a different process and they do not use Equator....Looking forward to your feedback! Thanks & God Bless, Tyra

Comment by Amy Martin on August 23, 2012 at 8:40am

Are we talking about a negotiator on a file or a negotiator on one buyer? Let me rephrase.. are we talking about a Wells Fargo Negotiator assigned to a Short Sale Subject Property or are we talking about about a Wells Fargo Negotiator assigned to a Short Sale Particular Buyer Offer? I am getting cuckoo here.

Finally, found buyer that will give WF net. Next thing you know, Negotiator declined the offer and ask me to resubmit and start all over again with another negotiator.... have been working with her on the file for a long time and now she knows my file inside out. Whew, this is fund.. sale date in October and Fannie Mae. This is even a Fast Track One Loan with Wachovia!!!!now Wells Fargo.

Comment by Joyce Shafer on August 22, 2012 at 5:18am

Has anyone seen this and do you think it will help?

August 21, 2012

Dear [CA Realtor],

Over the course of the past year and a half, C.A.R. has been working vigorously to address your concerns related to short sale transactions.　 As a direct result of our efforts, we have made significant improvements through discussions with legislators, housing regulators, and lenders.

C.A.R. has long advocated for a streamlined, standardized short sale process, and I’m happy to inform you of changes announced today by the Federal Housing Finance Agency (FHFA) that will align guidelines for Fannie Mae and Freddie Mac short sales and allow lenders and servicers to quickly and more easily qualify borrowers for a short sale.　

Here are some specific changes that are effective Nov. 1, 2012:

Eliminates current Fannie Mae and Freddie Mac short sale programs and creates a single standard short sale process for both entities (Fannie and Freddie HAFA programs will expire at the end of the year).

Enables servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales without waiting for an approval from Fannie Mae or Freddie Mac Offers special treatment for military personnel with Permanent Change of Station (PCS) orders.

Standardizes and clarifies foreclosure suspensions on a property with an approved short sale.

May pay borrowers up to $3,000 in relocation assistance.

Fannie Mae and Freddie Mac will offer up to $6,000 to subordinate lien holders to expedite a short sale.

Additionally, FHFA clarified that a borrower experiencing a hardship must wait at least two years before becoming eligible for a Fannie Mae or Freddie Mac loan.

These changes follow FHFA’s announcement in June that established strict timelines for servicers to respond to short sales within 30 days of receipt of a short sale offer, provide weekly status updates to the borrower, and communicate a final decision to the borrower within 60 days of receipt of the offer.

For details of Fannie Mae’s new short sale guidelines (

http://www2.realtoractioncenter.com/site/R?i=KIRDqEKUcqSPBbB_mGnYfA). http://www.fhfa.gov/webfiles/24211/ShortSalesPRFactFinal.pdf

　

For details of Freddie Mac’s new short sale guidelines (

http://www2.realtoractioncenter.com/site/R?i=-Sz_Gxol9GwMKOxLR2wOKg).

http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1216.pdf

　

Sincerely,

LeFrancis Arnold

2012 President

CALIFORNIA ASSOCIATION OF REALTORS®

------------

Comment by joe beauchamp on August 22, 2012 at 1:46am

Thom, thank you for that - I hadn't paid attention to any gov't talk and now that I've had files hit by the changes caused at WF and BofA, I've been wondering what created these painful changes. I can point out files damaged by these "positive" changes, but I cannot think of anything that has gotten better because of this - just worse. Hmmm.. no "good deed" goes unpunished, I guess.

Comment by Thom Colby CA Brkr 888-391-5245 on August 21, 2012 at 4:54pm

This came out this evening from the President of CAR to all CA Realtors;

 

August 21, 2012

Dear [CA Realtor],

Over the course of the past year and a half, C.A.R. has been working vigorously to address your concerns related to short sale transactions.  As a direct result of our efforts, we have made significant improvements through discussions with legislators, housing regulators, and lenders.

C.A.R. has long advocated for a streamlined, standardized short sale process, and I’m happy to inform you of changes announced today by the Federal Housing Finance Agency (FHFA) that will align guidelines for Fannie Mae and Freddie Mac short sales and allow lenders and servicers to quickly and more easily qualify borrowers for a short sale. 

Here are some specific changes that are effective Nov. 1, 2012:

• Eliminates current Fannie Mae and Freddie Mac short sale programs and creates a single standard short sale process for both entities (Fannie and Freddie HAFA programs will expire at the end of the year).
• Enables servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales without waiting for an approval from Fannie Mae or Freddie Mac
• Offers special treatment for military personnel with Permanent Change of Station (PCS) orders.
• Standardizes and clarifies foreclosure suspensions on a property with an approved short sale.
• May pay borrowers up to $3,000 in relocation assistance.
• Fannie Mae and Freddie Mac will offer up to $6,000 to subordinate lien holders to expedite a short sale.

Additionally, FHFA clarified that a borrower experiencing a hardship must wait at least two years before becoming eligible for a Fannie Mae or Freddie Mac loan.

These changes follow FHFA’s announcement in June that established strict timelines for servicers to respond to short sales within 30 days of receipt of a short sale offer, provide weekly status updates to the borrower, and communicate a final decision to the borrower within 60 days of receipt of the offer.

For details of Fannie Mae’s new short sale guidelines. http://www.fhfa.gov/webfiles/24211/ShortSalesPRFactFinal.pdf

 
For details of Freddie Mac’s new short sale guidelines.

http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1216.pdf

 

Sincerely,

LeFrancis Arnold
2012 President
CALIFORNIA ASSOCIATION OF REALTORS®

Comment by Smitty on August 21, 2012 at 4:44pm

I couldn't agree with Ben more.. there was big hoo haa in April when Freddie announced their push to speed up the process.  Hasn't happened even REMOTELY! 

Comment by Ben Benita on August 21, 2012 at 1:57pm

Until the Servicing agreements are changed NOTHING WILL CHANGE GUYS!!!

Servicers make more CASHOLA $$$ MOOLA $$$ DINERO by dragging out the process and they would be completely foolish not to (from a business stand point).

Remember - as soon as your short sale closes, bye-bye servicing fees

As some of you well know, they can drag things out for months, even years if you let them.....ask anyone who has had a short sale last more than 90 days.

Ask ANY of the higher ups at the banks and they will ALL tell you -

NO SHORT SALE SHOULD EVER TAKE MORE THAN 30 DAYS TO COMPLETE - 

It's a fact.....it's what you are up against and why you need to follow up, send in EVERYTHING they ask for, twice if necessary....

The key to ANY short sale -

Send in EXACTLY what they ask for, all addendums signed, dated, attention to details!!!!

Best of luck to anyone battling the banks....let me know if you need help

Comment by Kevin - Greenville, SC on August 21, 2012 at 12:45pm

The five working days for a response on an FHA PFS begins when a Contract is presented to the Lender/Servicer if an ATP is in place.  This particular requirement has been in effect since Mortgagee Letter 2008-43.

Comment by joe beauchamp on August 21, 2012 at 12:39pm

I believe that you are the victims of the FHA response to the gov't demand that banks speed up short sales. FHA now demands that various steps take 5 days or 7 days, etc., however, it doesn't count until you START the short sale by having someone assigned. So, to avoid penalties, WF/BofA just don't get your short sale started. Now, don't you feel better that the gov't and banks have solved the problem?  ;-)

Comment by Jimena Paridee on August 21, 2012 at 6:56am

Yeah I just hate that they are taking these files off Equator, now you don't even know who is assigned to the file and if you try to get updates they tell you that you have to wait until you have a new processor assigned.  We have already gone through all the document collection so they have to know if they qualify for HAFA (which now pretty much everyone does unless the investor doesn't participate).  It's frustrating that they are getting worse as time goes by not better.

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