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BOA - Fannie Mae Short Sale HELP!!!

Posted by Evelyn Santiago on September 17, 2010 at 5:51am

I have been trying to get a short sale approved on a condo via Equator. I escalated the file and resubmitted and now the counter offer is even higher than the 1st time the file went through. Original counter was $72K now they countered first at $85K and now $75K with a 7K promissory note or 3K cash contribution and not paying a lot of fees - such as lawyer, wire, transfer and 2nd lien because they claim I did not give them 2nd lien holder's info though I put it in the comment section where they made their request.

Buyer is ready to walk! Offer is 66K which was only $6K off from original counter. Over 70 active listings in subdivision with 2 closed at 60K and 66K in last month.

Who can I call at Fannie Mae for a escalation. I can't find number or servicing agreement between BOA and Fannie online.

Any Help will be appreicated!

Evelyn

America, Bank, Fannie, Mae, of, sales, short

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Comments

Cindy LaPeer September 27, 2010 at 10:35am

I have a similar problem in Equator. We had an agreed upon sales price with BofA, but I didn't hear back on it for almost a month. I escalated it several times and finally threatened to make a formal complaint. It was then that our negotiator was switched and the new price from BofA was $15k higher than the agreed upon price and we now have an auction date!! I called today to find out what is going on and of course the people on the phone are clueless. I emailed the negotiator and everyone esle, but I haven't heard back. Also, they told me that my seller was no longer elgible for HAFA b/c she was more than 60 days late on her mortgage and a foreclosure dates was set. However, she wasn't even 30 days behind when we started this and there was no date set. I'm not sure who I talk to b/c BofA gives me numbers to all these different depts who are supposed to help me but they are ALWAYS the wrong answer. Any advice would be helpful. I"m about done w/Fannie Mae short sales.
Evelyn Santiago September 20, 2010 at 7:01am

Wendy:
I have done all the above - this is the 2nd time we have submitted the offer. They claim that Fannie Mae did their own valuation on the property. The original counter of $72K was closer to our offer of $66K and to the last 2 closed of 60K and 66K respectively. Buyer will not counter up any more. Do you have a contact at Fannie Mae by any chance?
Wendy Rulnick September 20, 2010 at 5:43am

Evelyn - Instead of just countering on the Equator form - call the negotiator to get an explanation about what is going on. There may be a simple solution. Also, email him in Equator by "adding message".