Fannie Mae Help Desk
Has anyone had any success with the Fannie Mae Help Desk?
I have a short sale that Green Tree is servicing and Fannie Mae is comparing the seller's home, that is falling apart, with a newly remodeled one 2 houses over and is insisting that the house is worth 100k which is what the new one sold for. Even the BPO and the CMA I sent them is in line with the contract price and yet they still want minimum 90k for a property that is really worth 65k. What was interesting is that the negotiator told me she was not suprised. She said Fannie Mae's value's were all coming in high lately and they rather foreclose on a property than allow the short sale. Please help if anyone has any ideas, thoughts on how I can fight them. I sent all this information, including my CMA and pictures of the house to the Help Desk with a 3rd party authorization from the seller and have not heard from anyone. I faxed it and emailed it twice.
thanks!!
Replies to This Discussion
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Permalink Reply by Michael Campus ABR,SFR,SRS on
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Hi Irene-
Sorry I can't help you but maybe you can help me. I didn't know there was a FNMA help desk. Is it a phone number I can call and speak to someone? I need to find the answers to several questions I have concerning FNMA held properties and have gone through hundreds of pages of FNMA Seller guides and NPDC rules.
Maybe you can do what I do when I'm stonewalled. Go to the top. Find out who is the director of FNMA and give him a call.
When I did my own loan modification and was having issues, I called the director of HUD in Washington DC because I had an FHA loan. Didn't get him, but I got the guy who was like 2 notches below him (close enough) After I explained my situation he called the negotiator at my lender and just like magic, my mod was approved! It took less than an hour.
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Permalink Reply by Bryant Tutas on
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Hi Irene. You can find info on contacting Fannie Mae through this iste in te Fannie Mae group http://shortsalesuperstars.com/group/fanniemae
The actual FannieMae help desk is a service provided to Realtors through select MlS systems
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Permalink Reply by Julia Huntsman, 562-896-2609 on
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My MLS does not use the Help Desk yet, however, I recently contacted FNMA directly about a BofA file. They couldn't help me, as it was supposed to be approved inside of BofA--same experience of coming in higher regardless of showing numerous comps and market information. It went into foreclosure over a difference of about $3300. Cash buyer would not come up to higher price, which wasn't merited considering condition. It could have sold at $175900--investor bought for $136,000 and it just came back on market at $174900.
You can trying calling FNMA's general number and describing your problem--ask for Business Analysis Dept.
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