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How is your Fannie Mae Refinance Progressing?
How is your Fannie Mae Refinance Progressing?
That is the question I asked one of my friends and neighbor who reached out to me for help with his underwater mortgage on his San Jose home. Those who know me know that I prefer to laugh and find humor in situations than to be frustrated or angry about things.  I must say that’s not working so well for me when it comes to the lack of real help for homeowners attempting a refinance – loan modification.
When I read his email response, I literally laughed out loud.  Why?  Although sad and shameful, it is true.  For your reading pleasure and maybe a good laugh, the following is his response: 
“The refi hasn't gone through.  The combined loan LTV is 160% which is understandably high, but Fanny Mae gave me the green light (level III) or whatever technical approval.  However, Karen is having difficulty finding a lender to fund the loan.  My credit score is good... pristine may drop it to a level II approval rating which 'may' get a bank to fund it.  However, I call bullshit on it all though.  Here you have a loan owned by the Federal ... more

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