Freddie Mac still does not come clean. They keep passing the buck. They keep making up excuses as to why they can not even just give one simple answer. They make empty promises.
Read Freddie Mac- Does Anyone There Know How To Read- Part I, to understand the history of this short sale file.
We have never lost a short sale due to our negotiations. Every listing we take goes through an intake evaluation to get everyone on the same page, to make sure the seller understands what a short sale is, to analyze the seller's commitment to the short sale process and to evaluate the chance for success of the short sale.
We have a 100% closing ratio because we do not give up on our sellers no matter what monster shows up. This would be the very first file that we will lose to a short sale rejection.
So here is the update to what is going on:
The homeowner wants to know why her short sale was rejected when she meets all of Freddie Mac's guidelines.
The seller has been on the phone with Freddie Mac every day trying to get an answer.
She finally reaches a supervisor who promises to help her find her answer. All she wants to know to begin with is why she was rejected. She has now gone through 3 employees at Freddie Mac with not one of them giving her the reason for the rejection. The last person says to her:
This is directly from our seller as to how she is being treated:
"Freddie Mac- Terence-who said "trust me. someone will call you back TODAY" who said "I'm going to call you back in a few minutes" -NOTHING
When I was on the phone with him- he kept putting me on hold- he told me he had e-mailed several people at Freddie and Chase- "I promise to get you an answer. I have all these people working on it and someone will definitely call you today"
There seems to be a pattern at work here- The 3 FM reps we had contact with- Katie Givens, Ron Williamson, Terence ( don't have last name on hand) Upon first contact- appear to be willing to do their job- helping the customer- but somewhere along the line- they are instructed not to release the information. They probably can't officially refuse ,so they are told to stall, make promises, never call back and such tactics.
The first time I spoke to Ron, he said he would have an answer by the next day. After he did not call I called him, left a message. Nothing
Katie- same thing"
The good news is that we are still in the fight. Freddie Mac was quick to follow through with the foreclosure and our seller's house was sold back to Freddie the other day. But our seller's attorney is going to be filing an objection and will be able to get the foreclosure reversed because Freddie Mac never notified him of the sale date. This will buy us anywhere from 3 weeks to several months time to resolve the issue and maybe be able to get this short sale approved.
We have 4 offers sitting here from buyers who want this house. This is such a shame to have this property ever go to foreclosure when buyers who are ready, willing and able want to move into this vacant property straight away. It makes absolutely no sense. You have to read the first post I wrote about this case in order to understand where we have come from and where we are trying to go.
In the first post we wrote about how we notified all the senators in New York and Florida. We have alerted all the media to this but for some reason they are not interested in this news story!
The homeowner has been on the phone for hours every day with Freddie Mac. First Freddie Mac says that Chase is the one that needs to tell the seller why she was rejected. Well, our negotiator at Chase ( who happens to be a Freddie Mac short sale trainer) told us she never got a reason why. She was shocked as we were that it was rejected by Freddie. Freddie never supplied the reason to Chase. So our seller asks, who turned down the short sale- Freddie or Chase? Freddie says it was Freddie who turned down the short sale. So our seller says to Freddie, "you are the ones that turned down the short sale and you have the reason why right in front of you. Why can't you just read off the computer screen what the reason I was turned down is." To which they say to her, "hold on, I have to ask a supervisor." HELLO! It is right there, in front of you. Read what is on the screen! Then she gets put on hold for 30 minutes and more- only to be told- "we have to get back to you on this."
So what is Freddie trying to avoid? What is the secrecy behind the rejection?
Please reblog so maybe someone who has some kind of authority over Freddie Mac will find this call for help and do something!
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I feel your pain it seems sometimes we do all we can and get nothing in return. Your persistence will pay off for your seller. I wish you success with the bank.