FNMA (Washington Mutual)
The negotiator at Washington Mutaul Emailed me saying that the Loan was owned by FNMA and not Washington Mutual. I have been trying to negotiate this property for the two months. now they tell me this. Whaqt going on? Has anyone experienced this before. Is this some sort of negotiating tactic?
155,000.00 1st Washington Mutual
49,000.00 Second - Bank One
Bankone dropped to 15,000.00 so far.
Appraisal came in at 165,000.00
Needs about 50,000.00 in repairs
ARV according to Appraiser could be in the nieghborhood of 230,000 to 270,000.00. I know he's the appraiser but this house needs a lot of work in my opinion to get it to that price. A lot more than 50,000.00
I'm going to sell this contract to another investor.
Any comments
I wrote an essay awhile back that described the 'parties' to a short sale.
Sure, the subject loan might be one of the millions owned by Fannie Mae. but it's serviced by WaMu.
Brace yourself (set another plate at the table) if there is PMI on the loan, too.
So do I let him know that it doesn't matter that FNMA owns the loan? he said he couldn't accept my offer because it was owned by FNMA.
So do I let him know that it doesn't matter that FNMA owns the loan? he said he couldn't accept my offer because it was owned by FNMA.
Most servicers have to adhere to criteria imposed by the entity that actually owns the loan.
FNMA imposes specific criteria for SS consideration.
If they rejected your Offer it means that the offer doesn't conform... or the Seller isn't qualified to receive SS consideration.
I have the number to WAMU's Fannie Mae loss mitigation dept. I'm a realtor in OK and I've dealt with them regarding Fannie Mae properties. Email me or send a PM and I'll get you the info.