Yet another sad line item in the chronicles of short sale history.
- Fannie Mae turns down market value short sale offer.
- Fannie Mae issues an unreasonably high counteroffer, ignores appeals.
- Fannie Mae continues to spend money on the foreclosure process, and continues to lose money on a monthly basis.
- Fannie Mae eventually takes possession of the property after the foreclosure auction.
- Six months later the property is still owned by FNMA and is not even listed for sale. Sitting there like an old shoe.
The dollar amount of additional losses incurred by FNMA since they turned down the short sale far exceeds the amount they would have gained if someone would have met their unreasonably high counter offer.
This is just one of many cases in Louisville, KY., but this scenario plays out every day across the nation.
What experiences have you had?
Can anyone explain this counter-productivity?