Fannie Mae Rescinded My Seller's Foreclosure

By
Real Estate Agent with (909) 476-9600 ~ www.WeLoveRanchoCucamonga.com BRE# 01169000

Jackie, Welcome to Activerain.  Combined, there are thousands of years experience on ActiveRain.  If you can't find it on here, it probably doesn't exist. There is more data here than you could read in a lifetime. 100's of members join each day, and thousands of posts go up each week!

As an ActiveRain member, I am willing to share whatever resources I have to help my fellow Active Rain members.  Thank you for reading my Activerain blog post on Fannie Mae.  I would be glad to assist you.

I have gotten several inquiries from other Realtors and homeowners about my April 2010 blog post -

Fannie Mae rescinded the Foreclosure on my B of A Short Sale 

Your Question was:Oops

How were you able to contact Fannie Mae (Bank of America's Short Sale) to rescind the Foreclosure?  I just had exact same situation for my Bank of America short sale listing on July 27.

I am seeking every possible way to save this client (seller) from losing her home in unnecessary foreclosure.
We have a ready-willing cash buyer and their agent told me that they will wait for us while we try rescinding the foreclosure. If you could share with me whom you contacted (email address or fax number) to request rescinding the foreclosure, it will greatly help us. Thank you again for your time and kindness.

Jackie Hasegawa, Coldwell Banker

Jackie, I had attended a Freddie Mac Regional some months back and had met the Freddie Mac Loss Mitigation Manager.  She had shared Freddie Mac's viewpoint on the fact that if a Short Sale made sense they were approving it! 

I immediately went online to verify who owned the loan.  I found it was Fannie Mae.  Knowing that Fannie Mae had to have similar guidelines and hoping that they had a make-sense person at the helm of their Loss Mitigation Dept, I began my search for that person.  

I then prepared a letter/email explaining the details; making sure to stress the fact that I had an excellent cash offer at market value, a buyer willing to purchase As Is and could close within 15 days.  I appealed to their bottom line mentioning that this could be one less REO to add to their already staggering inventory.

After an extensive Google search, I sent my appeal to the Director of Servicing Management and Operations National Servicing Organization - Dallas ( NSO Inquiry Management -nso_inquiry_management@fanniemae.com ) by both snail mail and email to ensure they received it.  It took about 2 weeks for me to hear something, but I got copied in on an email showing that it had been escalated.  I got a call the very next day asking if the Buyer was still interested and if so, requesting I send over an updated HUD.

So if you know that you have a good offer and your Buyer is willing to hang in there with you, push forward and good luck!  As my Mom used to say, "Remember, the squeakly wheel gets the oil!"

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Topic:
Real Estate Sales and Marketing
Location:
California San Bernardino County
Groups:
California Short Sales, REO's, and Foreclosures
Realtors®
REO
REO REALTORS
Tags:
loss mitigation
fannie mae
freddie mac
short sale
foreclosure rescission

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Anonymous
Anonymous
Jackie Hasegawa

Thank you very much, Mykel! I will work on it right now and will share with you how it goes. BIG MAHALO from Hawaii. 

August 02, 2010 06:39 PM #1
Rainmaker
45,560
Lori Cofer
Beasley Realty - Moscow, ID
REALTOR, Moscow Idaho Real Estate

you are just a super agent Mykel .... going the extra mile for your seller........

 

Lori Cofer

August 02, 2010 11:31 PM #2
Rainmaker
429,067
Marcy Moyer
Keller Williams Realty Palo Alto Probate & Trust Specialist - Palo Alto, CA
CDPE

Wow Mykel,

I am impressed. That is amazing detective work to get this deal to work. I hope everyone appreciates your efforts.

August 03, 2010 11:55 PM #3
Ambassador
673,048
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Mykel, this is a fantastic post explaining what you did and how we too can push things forward.  Your Mom's advice rings true today too!  

August 10, 2010 07:32 AM #4
Rainmaker
1,130,881
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Superb information, Mykel!  We've seen a few properties snatched from the jaws of foreclosure, by short sales as well. 

August 11, 2010 11:52 AM #5
Rainmaker
634,555
Dawn A Fabiszak
Keller Williams Real Estate ( Denver metro area, Colorado - Aurora, CO
The Dawn of a New Real Estate Experience!

Mykel ~ I'm hearing that more often.  Some of these banks in their ss dept just tell you what they think you want to hear.  They just don't care.  It is such a scary problem.  Good job on going beyond that extra mile for your seller!!!

August 13, 2010 03:16 PM #6
Anonymous
Anonymous
Anonymous

Great story illustrating that things can get done with a little extra effort.

August 25, 2010 11:35 AM #7
Rainmaker
997,057
Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Mykel, yes that is very impressive.  I guess miracles don't just happen...they take a little hard work...good for you and thanks for the tips and info.

August 30, 2010 11:54 PM #8
Anonymous
Anonymous
Leya

Yes, that is great work, i have rescinded, 5 homes myself. And 489 loan mods you are awesome mykel. Being a former underwriter of 9 years i find that these home owners are not at fault. For Foreclosure , some of the properties I have done I did not need a buyer. It was reverted back into the orginal home owners name.

March 28, 2011 04:38 PM #9
Anonymous
Anonymous
Karen Tellier

They took my home.. I had a great buyer.

I have asked FM to rescind it.. Still waiting.

My buyers are standing behind me.

I'am a single mother of three boys.

 

I need some help here..

karentellier@ymail.com

 

KT

 

 

KT

July 18, 2011 02:53 PM #10
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Rainmaker
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Mykel Martin

The TCR Group at Keller Williams Realty
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