Member Login
| Date Posted: 04/09/12 11:35 am |
| Freddie Mac Short Sale Transactions during the Redemption Period Late Friday afternoon MN REALTORS® and Broker Legal Representatives had a conference call with Freddie Mac, NAR and the Representatives of the Michigan Association. The disruption that has occurred was generated by a bulletin and some mis-interpretations about the direction provided in the communication. Freddie Mac representatives were willing to say they and the servicer community should have communicated better on the issue of “REO Rollbacks.” Whatever the past is, the purpose of our conference call was resolving the here and now. • Freddie Mac has gone back to the servicer community and asked them to back-up to the pre-March 13, 2012 bulletin process and re-open files if contacted. • Freddie Mac is asking that listing agents/sellers contact the servicer and ask them to reopen the file because “Freddie Mac will review on a case-by-case basis.” • If the servicer refuses to reopen the file – call Freddie Mac at: 1-800-FREDDIE (1-800-373-3343) select option #2. • Inform the person on the Freddie line that you’re calling about “A Short Sale during the Redemption Period per Dan Smith” • Freddie phone representatives have been directed how to handle the file from that point. It is strongly recommended that you have your file and related information on hand for the call. It was not the intent of Freddie Mac to shut down short sale transactions during the redemption period, but a misunderstanding of how some state foreclosure laws function and are viewed by the industry and public that has caused this problem. At this point no other secondary market lenders are involved in this situation. We are watching to see if Fannie Mae, FHA, VA or other lenders begin moving in this direction. If you do not have luck getting your file re-opened through Freddie Mac – Please send me ( cgaller@mnrealtor.com )an email with the property address, closing date, name of the seller and the lender/servicer involved in the transaction. We’re all doing what we can to fix this situation so you and your clients can successfully complete the sale. |
 |