Pippa's Blog

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.

 

        

 

 

To  view Florida Short Sales- Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida : Call us today.

 

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Freddie Mac still does not come clean. They keep passing the buck. They keep making up excuses as to why they can not even just give one simple answer. They make empty promises.

Read Freddie Mac- Does Anyone There Know How To Read- Part I, to understand the history of this short sale file.

We have never lost a short sale due to our negotiations. Every listing we take goes through an intake evaluation to get everyone on the same page, to make sure the seller understands what a short sale is, to analyze the seller's commitment to the short sale process and to evaluate the chance for success of the short sale.

We have a 100% closing ratio because we do not give up on our sellers no matter what monster shows up. This would be the very first file that we will lose to a short sale rejection. 

So here is the update to what is going on:

The homeowner wants to know why her short sale was rejected when she meets all of Freddie Mac's guidelines.

The seller has been on the phone with Freddie Mac every day trying to get an answer.

She finally reaches a supervisor who promises to help her find her answer. All she wants to know to begin with is why she was rejected. She has now gone through 3 employees at Freddie Mac with not one of them giving her the reason for the rejection. The last person says to her:

This is directly from our seller as to how she is being treated:

"Freddie Mac- Terence-who said "trust me. someone will call you back TODAY" who said "I'm going to call you back in a few minutes" -NOTHING

When I was on the phone with him- he kept putting me on hold- he told me he had e-mailed several people at Freddie and Chase- "I promise to get you an answer. I have all these people working on it and someone will definitely call you today"

There seems to be a pattern at work here- The 3 FM reps we had contact with- Katie Givens, Ron Williamson, Terence ( don't have last name on hand) Upon first contact- appear to be willing to do their job- helping the customer- but somewhere along the line- they are instructed not to release the information. They probably can't officially refuse ,so they are told to stall, make promises, never call back and such tactics.
The first time I spoke to Ron, he said he would have an answer by the next day. After he did not call I called him, left a message. Nothing

Katie- same thing"

 

The good news is that we are still in the fight. Freddie Mac was quick to follow through with the foreclosure and our seller's house was sold back to Freddie the other day. But our seller's attorney is going to be filing an objection and will be able to get the foreclosure reversed because Freddie Mac never notified him of the sale date. This will buy us anywhere from 3 weeks to several months time to resolve the issue and maybe be able to get this short sale approved.

We have 4 offers sitting here from buyers who want this house. This is such a shame to have this property ever go to foreclosure when buyers who are ready, willing and able want to move into this vacant property straight away. It makes absolutely no sense. You have to read the first post I wrote about this case in order to understand where we have come from and where we are trying to go.

In the first post we wrote about how we notified all the senators in New York and Florida. We have alerted all the media to this but for some reason they are not interested in this news story!

The homeowner has been on the phone for hours every day with Freddie Mac. First Freddie Mac says that Chase is the one that needs to tell the seller why she was rejected. Well, our negotiator at Chase ( who happens to be a Freddie Mac short sale trainer) told us she never got a reason why. She was shocked as we were that it was rejected by Freddie. Freddie never supplied the reason to Chase. So our seller asks, who turned down the short sale- Freddie or Chase? Freddie says it was Freddie who turned down the short sale. So our seller says to Freddie, "you are the ones that turned down the short sale and you have the reason why right in front of you. Why can't you just read off the computer screen what the reason I was turned down is." To which they say to her, "hold on, I have to ask a supervisor." HELLO! It is right there, in front of you. Read what is on the screen! Then she gets put on hold for 30 minutes and more- only to be told- "we have to get back to you on this."

So what is Freddie trying to avoid? What is the secrecy behind the rejection?

Please reblog so maybe someone who has some kind of authority over Freddie Mac will find this call for help and do something!