Servicers Informed Borrowers Fannie Mae Required Them To Be Late now what?

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Real Estate Agent with Young Realty Group, Inc. BK3055753

I have had so many of my potential short sale customers tell me that the servicers told them there was no assistance for "good" borrowers.  Well the policy WAS 90 days past due then we can talk if Fannie Mae is the investor on your note.  Well, today we get the great new policy about helping out borrowers but now all the "good" borrowers who only were complying with the servicers directions are in a situation of being in default.  Someone needs to fess up to President Obama and let his staff know that "good" borrowers had their hands tied and only followed suggestions for assistance.  Where do these group of people fall?

My list of borrower's includes

Feel guilty, stopped paying and moved out.  Renting in another location.  I call them "borrowers with a conscience"

Feel like the mortgage broker screwed them or lied about their loan, staying put and not paying.  I call them "educated borrowers waiting for the government bailout to trickle down to their wallet".  Not going to happen.

Feel like working three more jobs, struggling to keep up with bills and fell behind based on the comments from the servicer.  I call these borrowers "do rights following direction of the mighty servicer". 

and last

Feel completely unaffected by the entire mortgage crisis.  I call these borrowers "ghosts"

 

Just my thoughts on this entire mess.  Try and help the little guy they need our help.

Lori Young, Realtor and CDPE

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Rainmaker
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Kate Bourland
Marketing with Kate - Redding, CA
Onlilne Marketing Mobile Marketing

Lori, this whole thing is mind boggling.  It was messed up before and now it's so tangled that the only way to solve it is to throw the whole thing out and start over.  Crazy.

Mar 04, 2009 07:47 PM #1
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Lori Young

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