Fannie Mae Rescinded the Foreclosure on My B of A Short Sale

Fannie Mae rescinded the Foreclosure on my B of A Short Sale

I had a B of A Short Sale that went to foreclosure auction back in January 2010. I had several good cash offers and I thought I had an extension on the foreclosure sale.  Somehow that information never got to the foreclosure attorneys. Because I was never able to secure the extension in writing, B of A had plausible deniability that an extension was ever agreed to.  When I called B of A, they said they could no longer assist me and referred me to the REO department where I was told it was impossible to proceed with the Short Sale. 

To add insult to injury, I had the Fannie Mae REO listing agent on the line informing me that I needed to come get my sign and my lockbox.  What a slap in the face after working so hard on this B of A Short Sale deal.  How could this have happened when we had been so on top of it!

If this were a Freddie Mac loan, I would know just where to go to make an appeal to have my Short Sale reconsidered and the foreclosure rescinded.  But I had no idea who to address my request for a Fannie Mae loan.  However, I have never been one to give up.  I am a strong believer in the fact that you never say what's NOT possible.  Anything is possible with experience, determination and a little knowledge.

So I drafted an email and sent it to Fannie Mae appealing for them to review the terms of my Short Sale and reconsider adding yet another foreclosed property to their REO inventory.  My email was immediately responded to stating that my request was being forwarded to Fannie Mae's escalation team to be assessed.   It took about a month of corresponding, but They did it!!!  Fannie Mae rescinded the foreclosure on my B of A Short Sale so I could proceed and close it!  The Fannie Mae Specialist followed up on my progress and within three weeks of that rescission, we just celebrated closing that Short Sale.

I want to extend my sincerest compliments to Fannie Mae for exceeding my expectations with respect to my request.  In a world where the term "customer service" is thrown about with complete disregard for its true meaning, the actions they took to assess and follow up on the Short Sale transaction were truly commendable.

Being assigned to tons of Home Retention assignments with Titanium Inc, and having previous experience managing hundreds of corporate REO assets for an Asset Management vendor has been invaluable hands on experience in reinforcing the fact that Banks don't want to foreclose . . .  Every now and then we just need to remind them of that fact!   

Thank you Fannie Mae for rescinding the Foreclosure on my B of A Short Sale.