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 government that gives it the green light for private funding yet the banks give a middle finger to it.”
Adding more humor is his spelling of Fanny Mae. Could not be more appropriate!
It could not be more appropriate because the refinance programs are simply games the government and lenders play with borrowers. For the most part, attempting to refinance is a total waste of time and energy. It's like working with blinders on. The borrower is both the donkey (fanny) and the player being played by the lender. It's a frustrating and painful process that most typically catapults homeowners into the need to short sale their San Jose homes.
If your Fannie Mae refinance is not professing well and you can no longer sustain your mortgage payments, then contact Kathleen Daniels, San Jose Short Sale agent for a free consultation.
Call 1-800-972-1822 today!
If your lender does not want to help you keep your home with a Fannie Mae refinance, then I can help you return your San Jose home to your lender with a San Jose short sale.
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