Fannie and Freddie Creating A Mess And More Foreclosures

By
Real Estate Agent with Keller Williams

Another episode of Forgetable Friday is brought to you on the topic of Freddie Mac and Fannie Mae. These two investors are telling their servicers that they will not postpone foreclosures.

This problem arose with Group 4610 this week. Fannie Mae was involved. So we went directly to them and the assigned somebody to our case and actually postponed our foreclosure sale date. The servicer told us that they couldn't postpone it because they had already done it once. The investor didn't ahve a problem with it though. It makes you wonder why the investor doesn't work with the servicer better. The servicer was hired to take care of this loan. So, let them do their job.

The fact that our file was already approved probably helped out quite a bit. If you don't have an approval yet on your short sale, you should be screaming from the roof tops to get your file reviewed and approved. This means that you should probably be aiming your lead generation efforts at home owners who are not behind on their payments.

Essentially, there is a double edged sword because Fannie and Freddie won't take a short sale if the home owner isn't 30 days behind, but they also won't postpone a short sale when the home owner is 30 days behind. It appears that we will all need to escalate on a more frequent basis directly to the investor.

A quick reminder to our viewers. Next week is viewer week. We will be airing videos of your F'ed up stories for the world to enjoy. See ya Monday!

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Rainmaker
315,240
Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Responsible borrowers want to stay current on their payments even in the face of imminent default. But lenders say "noooooooooooo.." you must fall behind on payments.

August 20, 2010 11:41 PM #2
Rainer
173,483
Steve Davis
Davis Coastal Properties - Carlsbad, CA
Carlsbad CA
What a catch 22. Chase would not talk to homeowners who were not behind on their mortages but upside down. Chase actually said "you have to be behind for us to work with you on a loan modification". Then Chase cuts principal in half for residential real estate investor owned properties who are way upside down in the Central Valley of California. Double talk - and no help for those who took Chase's advise and got behind on their payments. But - Big Bank Execcutives got their bonus last year!
August 20, 2010 11:49 PM #3
Rainmaker
835,070
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

It is interesting how frenquently the rules can change in a year.

August 21, 2010 01:59 AM #4
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Rainmaker
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Kevin Kauffman

Kevin Kauffman
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