Does anyone have a good email address for Freddie Mac disputes? I just sent one to
fmbh@freddiemac.com but was notified that delivery failed. Have a foreclosure date a week out, any assistance would be most helpful. Thank you!
Mac (5)
Hi Everyone. I am negotiating a short sale where the first is a Freddie Mac serviced by Nationstar and the second lien holder is Cenlar. Cenlar wanted a $43K payoff and I negotiated down to a bottom line of $12K. The Freddie Mac guideline is to pay no more than $6,000 to the second lien holder. The buyer had agreed to reduce the closing cost credit by $3,000 and both agents will be pitching in $1500.00 to come up with the other $6,000. I had a new HUD done and sent it to Nationstar. They are refusing to allow this to take place. Nationstar said that these are Freddie Mac's guidelines and that we will not be allowed to pay Cenlar any more than $6000 --period. No contributions will be allowed.
Has anyone been able to get around this situation? If so, how did you do it? Anyone have any creative ideas?
I have escalated this with Freddie Mac and should be talking with a case manager within the next few days, but the supervisor I talked with today for over an hour said that Freddie Mac will not bend these rules.
Thank you for any ideas!
Suzanne Martin
I was researching the latest bulletins from both Fannie Mae and Freddie Mac and the keys to both are 90 days delinquent and less than 620 credit score. What happens when a borrower is more than 90 days delinquent and has a credit score of less than 620?
- Borrowers are NOT REQUIRED (my emphasis) to make a cash contribution/promissory note
- Servicer is NOT REQUIRED (again my emphasis) to obtain or review the Borrower Response Package (aka short sale package)
Good news for folks looking to short sale their home. Any distressed borrowers who need help in Broward county or surrounding areas in Florida please contact me!
Indymac...wow...
I was having trouble with Indymac. First it was sending and resending ALL of the documents for the short sale. After 4 events of this, they finally said they have them. I started sending them the documents on October 4th. On November 4th, they said they have them. Then they decided to play legal counsel. They started with, we want the state of Minnesota added to all of the pages, we did. That change was made and after getting ahold of the seller who was out of town, we finally got the doc's changed and initialed. This in itself took a week to get done. Then, 1 week later they said they were not going to proceed with the file the way it is because they wanted another change and another initial. I couldn't stand it anymore. No one should be dictating legal advice from another state (or country as far as I know) to a real estate agent, especially a very experienced agent that trains agents on purchase agreements and short sales processes.
I emailed 26 Vice Presidents and Senior Vice Presidents at 3:22 PM and informed them I would also send the next email to the Office of the Comptroller. At 4:22 PM I was emailed from OneWest Bank to send the Purchase Agreement to a ceratin party and they would order a BPO to get done. Huh. Hopefully this will be the end to a long and frustrating journey.
If anyone needs help with Indymac, let me know.
Keith Maahs
Coldwell Banker Burnet
Coon Rapids, MN
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