Fannie Mae Foreclose and Freddie May Too
http://kevinandfred.com/power-hour/foreclosure-sale-dates/
Fannie Mae and Freddie Mac are taking a hard line stance on foreclosure sale dates. Be aware that it will be tougher to get your foreclosure sale dates postponed in the future if the investor is one of these two government quagmire machines. To submit your own video for use on F’ed up Friday, paste a link to your video in the message box on this page and our webmaster will take it from there!
HOW TO CLOSE AT LEAST 3 DEALS IN THE NEXT 90 DAYS
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
I’m listening to the end! This is very important info you are giving. I don’t currently have any fannie or freddie’s with sale dates, but when I do I will fight the good fight! Never give up, never give in! Thanks guys.
It’s happening with Fannie and Freddie both!! We lost 3 deals last week and all three were either Fannie or Freddie. The servicers were Wells Fargo and Bank of America and the short sales were in the midst of processing and nothing was needed, values were in and things were going just fine with all of these! All three went to foreclosure sale because the “investor” a.k.a. Fannie and Freddie denied the request to postpone the foreclosure sale date!
wow, havent heard about this yet, we have a lot of Fannie files in the pipe….
The funny pattern I have seen lately is the servicer stating that they are waiting on a response from Fannie to postpone the sale.
Then when I call Fannie, they say that the servicer does not need their approval to postpone a sale on the first postponement. It is a perpetual cycle of finger pointing.
When I tell the servicer what Fannie said, the rep laughs and says “Yeah, I wish that was the case. We can’t even go on lunch break unless they say it is ok.” (jokingly)
I had a proerty on N Deadwood Dr Serviced by Bof A and backed by freddie. This property had been submitted for a short sale for the better half of four months. I submitted my offer for 75000 cash and had never been countered since pertaining to the offer amount. About 3 months into the sale I was told I was submitted to the investor for approval and thought this was going to close. Over the course of those two months I have continuausly called in; submitted escalations etc… trying to find out why this has taken so long and where my approval letter is. A few weeks ago I got a call for an Angela Bryant stating that I needed to bring my offer up to 110000. I countered that offer and told her that this was a cash offer at 75000 and didn’t understand why after 4 months of having this file in equator, why I was not countered with this figure months ago. Even so this is a cash offer in a depreciating market. They brought The old offer back to 75000 and i accepted the counter offer with two weeks before a foreclosure sale date. I waited for my approval letter and it never came so i started trying to postpone the sale date 6 days out. Came in on the sale date with a vm from a BPO agent stating that he needed to do value on the property. Called the servicer and found out that they ordered a BPO because they did not have “value” even tho a BPO had been done two months prior. Freddie closed on the property, with a cash offer on the table and solid buyers that they had jackrodded around for months. Another Property forclosed on with a willing a ready offer at fair Market Value.
Great Job Freddie Keep It Up!
So the taxpayers are ultimately screwed as usual! I think we all need to call our Congressmen and Congresswomen and let them know.
Lost a Fannie on Monday. The loan was serviced by B of A, BPO was complete, our cash offer was above BPO value. Fannie told me the same thing Jason mentioned above about it being the servicers decision. The best part is I got an email from the B of A negotiator this morning saying he didn’t know if the request to postpone was approved or denied but he would let me know by the end of the day.
you dudes are a riot, thanks for the morning cheerup!
offer submitted last week and requested postponement for tomorrow ah la Chase’. Currently trying to get a postponement approval for auction tomorrow. >_<
the cs rep on the main line told me the investor was Freddie Mac, and when my negotiator called back to tell me he's still waiting for approval from the "investor" reminds me of Lion King where i'm supposed to shiver at the sound of Mufasa…. pfft.
He gave me this huge monologue about not being able to release that info, then i said homeboy earlier said it was Freddie Mac?
Yes I lost two homes both are with FNMA and B of A was servicing both loans. Short sale was in negotiation and nothing further was needed on the file. One file we never got notice it went to sales until the renters were notified by the new agents trying to sell the home. Kept calling B of A to find out what’s going on and they don’t know either. So now the people are struggling to find another place to stay. When I call for the short sale status I was told it’s waiting for an approval from FNMA the files were sent to FNMA through the streamline process. They told me it was a bulk of these that were sent in just to get them all approved! Sucks big time!!
Lost a BOA deal today. Fannie Mae was the investor. Got an approval letter last week and we were due to close Friday. The approval letter was never physically sent and then the sale date was 8/11. We contacted Equator yesterday and were told it was being reviewed, then we were told our extension was being denied because Colorado is a redemption state. Colorado has not been a redeption state for over a year now. We got an approval letter finally this morning that expired on the 9th and were told to upload the HUD to equator with an extension for approval letter. Alas they never did a thing and the property went to sale. Sad.
My approved Short Sale died today.
Short Sale submitted early May 2010.
First and only Foreclosure date: August 12, 2010.
Approval from BofA (FNMA is the investor)
received July 29, 2010 and closing they want is August 6, 2010. BofA says FNMA not postponing short sales. So, I go direct to FNMA – Level 2. Today, FNMA says BOFA not postponing and they chose not to over-ride that decision. This is my first short sale to die. And, with an approval letter in hand. Seller wants cash for keys —BofA says, “too late”
We need to push for approvals 2 months before foreclosure date in order to be successful. Otherwise, we are all wasting out time, the Seller’s time, the Buyer’s time, the Title Company’s time, the buyers lenders time….the list goes on. I emailed head of FNMA last week, emailed Senators Jon Kyle and Jon Mcain….no response. Time for Class action suit? Any other ideas????
One of my short sales went into foreclosure on 08/03/2010 and it was a Boank of America/Fannie Mae. My client called BofA and was told that they postponed his foreclosure sale date, he also called the foreclosure attorneys who handles his mortgage – and was also told that they had no foreclosure sale date. Another agent called telling me that she received this listing from Fannie Mae. Both myself and my clients were shocked. Apparently Fannie Mae foreclosed on the property and Bank of America did not know about it until my client called in. I will certainly get involved in sending messages to Fannie Mae and his “mama” !!!
Hey guys,
Sorry for the delay, but this is certainly an important topic! If we as a Real Estate community don’t stand up and bring light to want Fannie and Freddie are doing we are going to continue suffering losses on approved and good short sale files just because “Fannie and Freddie” have new policies. I haven’t seen one policy from them that saves money….obviously..they are losing billions of dollar of our money. I am not willing to stand by and let Fannie and Freddie continue to take our money when they make bone head business decisions every day!!!
Jilly! You said it girl! WORD!
In short, I called Fannie Mae in Washington, to find out why they would not allow a short sale to go thru. The loan was a “Shared Risk” Loan with Navy Federal Credit Union. NFCU wanted to do the short sale but Fannie would not sell it to them. This went on for 1 year and after the new Fannie guidelines, I resubmitted it. Rejected again. Called Fannie in DC, they actually called me back twice to give me updates and in 2 weeks they called NFCU and told them to proceed with the short sale. Who would have thunk!!! The folks in DC were very cooperative.
Great story/insight Elise! Love the outback mindset and solutions you came up with!!
Okay… Here’s what we at fat city real estate group have to say… First off what up with Fannie Mae requiring our sellers to be 30 days late in order to participate with a short sale per “their guideline”? ??? Now granted we’ve been able to get around that however what I’m hearing them say is be 30 days late and yet if we take FOREVER to approve your short sale and you get up against a foreclosure date we’ll only postpone it once for 42 days???? Hello?????
I have an idea on what is going on, although at this stage I can only assume that based on homepath financing and the buyer incentives on Fannie REO homes that it’s in their best interest to foreclose, offer homepath, and make a little more money over the next 30 years and take the hefty write off for the loss??? Just an assumption. Anyone have any insight on that???
Lastly I wanted to ask for everyone to check out the youtube video on Indymac and OneWest bank and how lucrative it is to buy a bank from the FDIC. WHEN WATCHING THE VIDEO PLEASE TAKE NOTE TO THE INCENTIVES THAT THE BANKS ARE RECEIVING AND WHAT US AS TAXPAYERS ARE IN ESSENCE FINANCIALLY SUPPORTING. At the end of the day I think we can all guess that the general public is not a concern because there’s just too much money to be made to be concerned with the hardships of distressed sellers.
It’s time to awaken people! We NEED to go Martin Luther King on them! Stand up for the change we want to see! What is our dream? Let it be heard!
Hey Laci!
Yeah, Fannie Mae’s “the borrower must be 30 days late guideline” is rather new…I’d say in the last 4-6 months. I agree it’s stupid but it’s something we need to inform our clients of up front during the consultation.
Appreciate your feedback/participation 🙂
Fred