Freddie Mac 
FHLMC - Freddie Mac short sales, Freddie Mac backed lending.
There are currently 3 blog entries related to this category.
Not even a shoot out could stop this Wells Fargo short sale!
Tuesday, November 29th, 2011 at 2:10pm. 229 Views, 0 Comments.
Not even a shoot out could stop this Wells Fargo short sale!
Short sales are almost never smooth sailing – but this one came with more than its fair share of "disturbances".
Before calling me, my client had been listed with a Realtor with no real short sale experience – which had resulted in nothing but the Manchester, CT home sitting on the market as 6 months passed with zero progress. Now facing foreclosure, my clients situation had become time sensitive. We listed the house with a price improvement, and not long after a cash buyer was secured.
Then the unthinkable happened. As the buyers were at the home, a hostage situation broke out…the neighbor decided to hold his family hostage and my listing quickly became a crime scene.…
Another Connecticut Short Sale Success with Wells Fargo!
Monday, November 28th, 2011 at 2:58pm. 115 Views, 0 Comments.
I personally like working Wells Fargo short sales. It seems they have slowed down some in the last year but they are still reasonable to work with and their approvals dont take FOREVER.
This particular sale was challenging as it had three separate loans with Wells Fargo. Furthermore, the first was owned by Freddie Mac, who has recently picked up some very nasty short sale guidelines that make working with seconds near impossible.
Freddie Mac now refuses to allow more than $3,000 to go to any second, and goes even further to disallow any seller contributions to the second as well.
What used to happen was that when a second mortgagee wanted more than the first would give, a party to the sale could simply pay in the difference. So if a first lienholder was…
Connecticut GMAC/DITECH Short Sale Approved in 3 weeks!
Monday, November 28th, 2011 at 10:11am. 118 Views, 0 Comments.
Connecticut GMAC/DITECH Short Sale Approved in 3 weeks!
OWED:
GMAC Serviced Freddie Mac 1st Mortgage: $150,000
GMAC Serviced Ditech 2nd Mortgage: $30,000
SOLD:
$132,000: Both approvals - FULL DEBT SATISFACTION.
This Cromwell, CT short sale was a breeze. Finding a buyer took slightly longer than expected as the market was falling a little faster than anticipated, however 8 weeks after listing we secured a strong buyer. As with most sales as of late, closing by 6/30 to get the buyer first time homebuyer credit put additional pressure to get it done FAST.
A package went to GMAC and Ditech immediately...and with constant pressure on the lenders to get it done, GMAC ordered their appraisal right away...the negotiator was on the ball,…