Freddie Mac- Is There Anyone There That Knows How To Read?

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Services for Real Estate Pros with Get It Done For Me Virtual Services DRE# SL641317

Freddie Mac- Is there anyone there that knows how to read? Our last hope is that someone there in your office has the decency to respond to our many requests and the homeowner's many requests for help.

Freddie Mac- You rejected a short sale work out program for this homeowner and we had 2 buyers ready to pay the appraised price for this property. Your appraisal came in below what the buyers are willing to pay for this house.

Freddie Mac- The homeowner even hired an attorney to make sure there was nothing amiss in the short sale documents. You sent this file to your legal department and then never disclosed the reason it was sent to your legal department. So much for the transparency that was promised.

Freddie Mac- Chase is the servicer for this note that you own. Our negotiator at Chase is the trainer for Freddie Mac loss mitigation.We know she knows what she is doing. She is highly respected and competant. She saw no issues with this work out package. In fact, she was fully expecting an approval from Freddie Mac.

Freddie Mac- You send Chase a denial letter for the short sale along with stating that you will not approve any work out program for this homeowner. So you want to own another home in Port St Lucie and then sell it in a declining market as a foreclosure instead of providing a home for a new buyer who is qualified and ready to buy this property?

Freddie Mac- Chase stopped the sale of this house back in July in order to process the short sale. The negotiator was so sure this would go through as we did also and the homeowner's attorney also thought this was a slam dunk short sale approval that they stopped the sale at the courthouse. As soon as you reject the short sale you put the property back up on the auction block with a date of October 27.

Freddie Mac- The homeowner has asked you over and over again for a reason for this rejection in case there is something that could easily be worked out. You stated back on August 16th that you would generate the letter. As of today neither us nor the homeowner have received any thing from you with a reason for the rejection. This is the first time since 1995 of doing short sales that we have run into such a stumbling block and one that is created by Freddie Mac.

The homeowner and we who are her agents have written letters, faxes and emails to all the chain of command at Freddie Mac and the Senators and Congressmen in Washington DC to beg for someone to care enough to respond. Time is of the essence. There has to be a reason and this rejection needs to be overturned because there is no possible legitimate reason why this short sale was rejected when it met every criteria that Freddie mac requires. (Unless you are discriminating against female senior citizens- we have not ever seen anything like this in our entire careers.)

The following people have NOT responded!

  • Mr Bruce Witherell, Chief Operation Officer at Freddie Mac,
  • Mr Donald J Bisenius, Executive Vice President Freddie Mac,
  • Mr Charles E Halderman CEO of Freddie Mac,
  • Senator Bill Nelson,
  • Congresswoman Caroline McCarthy,
  • Congressman Tom Rooney.

Senator Charles Schumer is the only one who responded. He sent a letter he wrote in behalf of the homeowner, our letter and our homeowner's letter directly to Mr Bernard Fulton who is the Deputy Assistant Secretary for Congressional Relations for the US Department of Housing and Urban Development.  We have not heard from Bernard Fulton as of this date. We are very thankful to Senator Charles Schumer for his help in trying to get this situation in the right hands.

Freddie Mac- You can contact Nestor Gasset and Katerina Gasset at 561-753-0135 to get us the answers and remedies we are seeking.

FTC Disclosure: This post may incite, motivate or encourage a homeowner somewhere to contact us to list their property as a short sale because they see that we will fight to the bitter end to make sure our sellers get a fair shake and positive outcome to their short sale.

 

        

 

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Re-Blogged 5 times:

Re-Blogged By Re-Blogged At
  1. D B 10/17/2009 05:46 AM
  2. Linda Jandura 10/17/2009 02:10 PM
  3. Micki OToole 10/18/2009 06:41 AM
  4. Pippa Mac 10/30/2009 06:31 AM
  5. Angela Niece 11/05/2009 02:47 PM
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Tags:
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Anonymous
Anonymous

oh and further more....the Government is not responsible for bailing out anyone....we are lucky that they have been bailing out the banks as they have been and that Fannie and Freddie have been working to keep people in their homes....just because they are trying to help the sellers, does not mean everyone is going to get the help or is ENTITLED...noone is entitled..they got themselves in their own mess...

Oct 18, 2009 06:51 AM #55
Rainmaker
407,916
Cameron Novak
The Homefinding Center - Corona, CA
Featured Corona Real Estate Agent Team

Funny and sad at the same time.

Oct 18, 2009 07:13 AM #56
Rainmaker
317,261
Liz Loadholt
Liz Loadholt- AgentOwned Realty- Covering SC - Mount Pleasant, SC
Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC

Katerina --- I noticed that this post was not written for Google -- is this one that you will go back and edit?  It covers all the questions and frustrations regarding Freddie Mac -- I certainly don't have the answer, but the government certainly does not either.


                                                                             Mama  Liz

Oct 18, 2009 09:01 AM #57
Ambassador
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Liz- No it is not written to be on the first page for these keywords. People looking for those words are not going to be able to help me in my quest. They are looking for loan mod info or for Freddie, the dept itself.

Oct 18, 2009 09:27 AM #58
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Liz- I am hoping that our congressman or the media who scour the blogs will find this or someone will send it to someone in authority.

Oct 18, 2009 09:29 AM #59
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Liz- I am hoping that our congressman or the media who scour the blogs will find this or someone will send it to someone in authority.

Oct 18, 2009 09:29 AM #60
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Anonymous- We are certainly NOT lucky that the government bailed out the banks. Study Thomas Jefferson. Banks with too much control are not a good thing for freedom. They should be allowed to fail.

There are employees under stress in every segment of society.There are also homeowners in foreclosure who have committed suicide. It happens everywhere.

Freddie and Fannie are not innocent in all of this. Freddie CEOs have committed so much fraud and are held above the law. Freddie is the one that decided to start buying up all the mortgage backed securities. We did not force them to do that. It was greed that made them do that and now you want to defend their greed, corruption, extortion and the like? Don't even go there.

Slander- look up the word in the dictionary. This post is by no means slander. It is a call to help for our homeowner whom we represent.

Oct 18, 2009 01:59 PM #61
Rainer
36,063
Ross Westerman
Kingwood, TX

Katerina,

I am wondering why you believe that banks should be allowed to fail but individuals should not be allowed to fail?

Oct 19, 2009 03:27 AM #62
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Ross- I certainly do believe that individuals should be allowed to fail, just as I have failed several times in my life. Failure makes you grow and makes you stronger. This post is not about this lady not failing. She already failed by making a bad purchasing decision when she allowed herself to be talked in to buying a second home here in Florida. She thought she could rent it out, she thought a lot of things that did not come to pass. Now she is unemployed, over 60 and is trying to avoid a foreclosure. A short sale is by no means here in Florida a success, it is also a failure in that regard as she is not benefiting except by doing the right thing. This post is not about not allowing her to fail. This post is about keeping one more home out of the ranks of foreclosures and into the hands of a buyer that has been wanting this home for 5 months now. This post is about how we represent our sellers. It is not our job to judge whether this seller should be allowed to fail or not. That is not what she hired us for. She hired us to do all that we can to avoid foreclosure and to sell her property as a short sale. This is our job, this is what we have chosen to do. This is our market right now. Katerina

Oct 19, 2009 01:08 PM #63
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Update: Today our seller was able to finally speak to a manager at Freddie Mac.  This manager says that he will be able to research her property tomorrow and that he will call her back tomorrow. Thank you for all of your support and good vibes being sent to this deal! We will update you as soon as we hear something from Freddie.

Oct 19, 2009 01:40 PM #64
Anonymous
Paul Defngin

"...This post is not about not allowing her to fail. This post is about keeping one more home out of the ranks of foreclosures and into the hands of a buyer that has been wanting this home for 5 months now. This post is about how we represent our sellers. It is not our job to judge whether this seller should be allowed to fail or not. That is not what she hired us for. She hired us to do all that we can to avoid foreclosure and to sell her property as a short sale. This is our job, this is what we have chosen to do."

Katrina, I commend both of you for doing your job.  Keep up the great work.

Oct 20, 2009 02:31 PM #65
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Paul- Thank you Paul for your support! I am hoping to hear tomorrow morning the results of an investigation that a supervisor promissed our seller. Katerina

Oct 20, 2009 02:39 PM #66
Rainmaker
73,627
Tarris Rogers
Cascade Sotheby's International Realty - Bend, OR
Bend Oregon Real Estate

Way to go Nestor & Katerina, I applaud your guts to post your displeasure with Freddie Mac.  I think you have spoken well for all of us who are sick and tired of the mysterious reasons some lenders refuse to play ball with Short Sales, when it is obvious they will lose even more money if they go into foreclosure.  Keep us posted on how your transaction works out.  I have a similar one I'm fighting tooth and nail for.

Oct 20, 2009 08:48 PM #67
Rainer
61,747
John King
Bluefax Realty, LLC - San Antonio, TX
President & Broker

I submitted an offer for a buyer on a Tenant Occupied Freddie Mac home, and 5 days before closing, we have learned that they have not notified the tenant!  They expected my buyers to close on the home, and THEN notify the tenant.

It's an FHA loan, and we can not close until the tenant is out, they do not want to notify the tenant until the home is closed.... Anyone else  see a problem on the horizon?

Oct 22, 2009 02:32 AM #68
Rainmaker
340,220
Judy Greenberg
Coldwell Banker Long Grove - Buffalo Grove, IL
Coldwell Banker - Buffalo Grove - Long Grove Homes

Katerina, I love your persistence.  If more people worked as hard and as wise as you, this problem would never have occured. 

Oct 24, 2009 12:06 AM #69
Rainmaker
135,750
Paul Francis
Francis Group Real Estate - Las Vegas, NV
Las Vegas Real Estate Agent - Summerlin Homes

So... tell us what you think about the new CFO's compensation package...

 

Oct 29, 2009 03:52 PM #70
Anonymous
Allen Lomax

Have you asked Freddie to produce the Note?  I doubt that they can.  If they know that you know they can not, they may become more cooperative. 

Oct 31, 2009 12:10 PM #71
Rainmaker
161,942
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Katerina - what was the result of this short sale?

Jan 04, 2010 01:45 PM #72
Ambassador
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Satar- We are still working on it, long story! I will have to post about it as soon as I get this last letter begging for help out to the servicer one more time. Freddie even found this post and called us, but then they passed the buck instead of taking any real action, like, just giving us the reason! 

Jan 04, 2010 03:08 PM #73
Rainmaker
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Ginger Harper
Coldwell Banker Sea Coast Advantage - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!
Great information. Thanks for sharing it with me. When in doubt...call your attorney. Ginger of Southport
Mar 03, 2010 10:12 AM #74
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