Fannie Mae Rescinded My Seller's Foreclosure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Fannie Mae rescinded the Foreclosure on my B of A Short Sale 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

Comments 10 New Comment

Anonymous
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Rainmaker
615,391
Dawn A Fabiszak
The Dawn of a New Real Estate Experience!
Keller Williams Real Estate ( Denver metro area, Colorado

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
Anonymous #7
Anonymous
Anonymous

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

August 25, 2010 11:35 AM
Rainmaker
931,792
Nick T Pappas
Madison & Huntsville Alabama Real Estate Resource
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL

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
Anonymous #9
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
Anonymous #10
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
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Rainmaker
404,761

Mykel Martin

The TCR Group at Keller Williams Realty
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