Freddie T-Bill first lien

Hello All, and thanks for all the information I have been reading on this site. This is my first post and I had hoped it would be to share information I gathered while (successfully) working on this file, turns out I am at an impasse and therefore asking for input from you. The first lien is a Freddie "T Bill" serviced by Chase.  I have discovered that the verification of T Bill loans is not accessible thru the Freddie website, and that the guidelines for these differ from normal 10% or $6000 dollars to junior lien holders. It is $3000 actually. Problem now is the junior lien holder cannot verify thru the website that it is a T BIll deal and is demanding written proof. Freddie says I need to get it from Chase, and Chase says that is proprietary and will not supply evidence to second lien holder.  Chase is looking into it with their legal, but I want to be ready for the next step, if there is one. Any advice/experience from you would be greatly appreciated.  Thanks!

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Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on September 30, 2012 at 5:34pm

I've never heard of such a thing (I would further investigate).  Have the Jr. Lien contact Freddie Mac and/or the FHFA to verify (if it's true Freddie should be able to validate).

Permalink Reply by Kevin - Greenville, SC on September 30, 2012 at 5:52pm
Permalink Reply by Barry Chadwell on September 30, 2012 at 5:56pm

Thanks Kevin, and I had never heard of it before either. Was kind of hoping someone on here had done one. However, I have countless conversations with Freddie and have verified the loan type with them. I probably called 10 times before I found a customer service rep who was willing to follow up on my question about it being a T Bill loan (Chase insisted this was the case, but could not get Freddie to admit to it for a long time). And I have finally gotten the junior to look at the Freddie guidelines and admit there is a difference between standard Freddie and the T BIll, including the difference in money allowed to them. But, they won't make the call to Freddie and have put the burden of proof on me. I believe, actually I know, Freddie will verify if I can get junior to call, but at this point I am working thru Chase to see if they will give me something to make it "easy". Should know tomorrow.  Chase also says they have done lots of these and juniors have always taken their word for it.  FYI, the original loan is a WAMU neg-am ARM, taken over by Chase when they bought WAMU, but the investor is a partnership of Freddie and Wells, with Wells as Trustee for the WAMU Pass Thru Certificate.  So I'm certain I'm on the right track, just need the proof for the junior lien and I can get this to closing. I will go back to FHFA if I need to, already filed an investigation with them a month ago (when Freddie first said it was not theirs). Thanks.

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