Fannie Mae Rescinded My Seller's Foreclosure

Real Estate Agent with (909) 476-9600 ~ BRE# 01169000

Jackie, Welcome to Activerain.  Combined, there are thousands of years experience on ActiveRain.  If you can't find it on here, it probably doesn't exist. There is more data here than you could read in a lifetime. 100's of members join each day, and thousands of posts go up each week!

As an ActiveRain member, I am willing to share whatever resources I have to help my fellow Active Rain members.  Thank you for reading my Activerain blog post on Fannie Mae.  I would be glad to assist you.

I have gotten several inquiries from other Realtors and homeowners about my April 2010 blog post -

Fannie Mae rescinded the Foreclosure on my B of A Short Sale 

Your Question was:Oops

How were you able to contact Fannie Mae (Bank of America's Short Sale) to rescind the Foreclosure?  I just had exact same situation for my Bank of America short sale listing on July 27.

I am seeking every possible way to save this client (seller) from losing her home in unnecessary foreclosure.
We have a ready-willing cash buyer and their agent told me that they will wait for us while we try rescinding the foreclosure. If you could share with me whom you contacted (email address or fax number) to request rescinding the foreclosure, it will greatly help us. Thank you again for your time and kindness.

Jackie Hasegawa, Coldwell Banker

Jackie, I had attended a Freddie Mac Regional some months back and had met the Freddie Mac Loss Mitigation Manager.  She had shared Freddie Mac's viewpoint on the fact that if a Short Sale made sense they were approving it! 

I immediately went online to verify who owned the loan.  I found it was Fannie Mae.  Knowing that Fannie Mae had to have similar guidelines and hoping that they had a make-sense person at the helm of their Loss Mitigation Dept, I began my search for that person.  

I then prepared a letter/email explaining the details; making sure to stress the fact that I had an excellent cash offer at market value, a buyer willing to purchase As Is and could close within 15 days.  I appealed to their bottom line mentioning that this could be one less REO to add to their already staggering inventory.

After an extensive Google search, I sent my appeal to the Director of Servicing Management and Operations National Servicing Organization - Dallas ( NSO Inquiry Management ) by both snail mail and email to ensure they received it.  It took about 2 weeks for me to hear something, but I got copied in on an email showing that it had been escalated.  I got a call the very next day asking if the Buyer was still interested and if so, requesting I send over an updated HUD.

So if you know that you have a good offer and your Buyer is willing to hang in there with you, push forward and good luck!  As my Mom used to say, "Remember, the squeakly wheel gets the oil!"


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Real Estate Sales and Marketing
California San Bernardino County
California Short Sales, REO's, and Foreclosures
freddie mac
loss mitigation
fannie mae
short sale
foreclosure rescission

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Jackie Hasegawa

Thank you very much, Mykel! I will work on it right now and will share with you how it goes. BIG MAHALO from Hawaii. 

Aug 02, 2010 11:39 AM #1
Lori Cofer
Beasley Realty - Moscow, ID
REALTOR, Moscow Idaho Real Estate

you are just a super agent Mykel .... going the extra mile for your seller........


Lori Cofer

Aug 02, 2010 04:31 PM #2
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

Wow Mykel,

I am impressed. That is amazing detective work to get this deal to work. I hope everyone appreciates your efforts.

Aug 03, 2010 04:55 PM #3
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Mykel, this is a fantastic post explaining what you did and how we too can push things forward.  Your Mom's advice rings true today too!  

Aug 10, 2010 12:32 AM #4
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Superb information, Mykel!  We've seen a few properties snatched from the jaws of foreclosure, by short sales as well. 

Aug 11, 2010 04:52 AM #5
Dawn A Fabiszak
Private Label Realty ( Denver metro area, Colorado - Aurora, CO
The Dawn of a New Real Estate Experience!

Mykel ~ I'm hearing that more often.  Some of these banks in their ss dept just tell you what they think you want to hear.  They just don't care.  It is such a scary problem.  Good job on going beyond that extra mile for your seller!!!

Aug 13, 2010 08:16 AM #6
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

Great story illustrating that things can get done with a little extra effort.

Aug 25, 2010 04:35 AM #7
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

Mykel, yes that is very impressive.  I guess miracles don't just happen...they take a little hard work...good for you and thanks for the tips and info.

Aug 30, 2010 04:54 PM #8

Yes, that is great work, i have rescinded, 5 homes myself. And 489 loan mods you are awesome mykel. Being a former underwriter of 9 years i find that these home owners are not at fault. For Foreclosure , some of the properties I have done I did not need a buyer. It was reverted back into the orginal home owners name.

Mar 28, 2011 09:38 AM #9
Karen Tellier

They took my home.. I had a great buyer.

I have asked FM to rescind it.. Still waiting.

My buyers are standing behind me.

I'am a single mother of three boys.


I need some help here..






Jul 18, 2011 07:53 AM #10
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Mykel Martin

The TCR Group at Realty Masters & Associates
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