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!
