Freddie Mac Short-Sale Help
Hello All,
I am currently negotiating a short sale on a Freddie Mac Mortgage. They are asking me to provide my financial information before they will entertain my offer. I am going to buy/sell this property all in the same transaction, so I won't be actually funding the purchase of the home myself. (simultaneous closing) I have done a few of these in the past, but have never dealt with Freddie Mac. What should I tell them? What bargaining power do I have with them? Will they be less interested in a short sale since it is insured by the govt.? Thank you in advance !
Ben
If you've been successful in mortgagee approved, preforeclosure sales ... and you've either assigned, or double closed... than a FreddieMac owned loan shouldn't be much different than would be your experience with any other loan.
Q. Is FreddieMac the servicer, too? Usually, FHLMC loans are serviced by major mortgage loan servicers.
FreddieMac's loan are not insured by the Government in the same sense that an FHA insured mortgage loan is backed by HUD.
[addsig]
Ben, do you have a contact phone for Freddie Mac?
Thank you both for your help. The loan is serviced by Chase. I am slowly getting progress now though. The lady I am dealing with is very difficult, but we're getting there. So, thanks again!
Ben