New news from fannie mae you wont believe this

[davephx]

NEW NEWS FROM FANNIE MAE YOU WONT BELIEVE THIS

Many of the reasons modifications are not going throught it seems is not the servicers fault but Fannie/Freddie.

I am posting this on various threads since if will effect so many of us.

Anyone that has had a foreclosure notice has to RESTART FROM SCRATCH the HAMP program per CitiMortage Thomas ID17742. He himself says he has to notify and redo 4000-5000 customers that just he as one person is assigned to.

There is a post about a week ago that seemed unbelievable that FANNIE was not authorizing any modificatons. That seemed impossible but it turns out it may have been true.

This is what I understand.

While at least a dozen times I have been told the Modification Agreement would be sent (was on the HAMP trial as of July) I never received any.

The reason is FANNIE MAE (and also told Freddie Mac) will not set up mods if you are in foreclosure status.

I am in foreclosure status since I was lied to being told not to send in updated financial info until I was contacted by a "processor" and everything looked in order. Than I got foreclosure notice.

FANNIE MAE according to CitiMortgage will not allow you to get off of foreclosure status until the HAMP Mod is finalized. But they won't send the paperwork to get on the HAMP Trial if you are in foreclose status.

This dispite many directives not to put anyone in foreclosure status before trying to qualify you for HAMP or other foreclosure alternatives.

NOW supposedly Fannie Mae/Freddie just last week figured out this problem.

Again according to the CitiMorgage person, I now am not on the HAMP Trial. This dispite all the confirmations for last two months that I am and have made 2 trial payments. Being on the HAMP was confiremd to my HopeNow escalation team member on a conference call about a week ago. Now that has all changed for me and zillions of others with all servicers supposedly if loan owned by Fannie or Freddie (about 85% of all 1st mortgages are)

Last week Fannie/Freddie figured out the mess and is saying HAMP's can be restarted for those they would not start on HAMP because they were in foreclosure.

So now I am told I am restarted again on HAMP. What about my two prior trial payments? Checks with a supervisor and is told they will be credited to new just started HAMP trial.

What about the foreclosure sale 10/26 which is my biggest concern?

It seems its now a race. For about the 12th time, request to send me the Trial Mod paperwork is being sent to Fannie and within "up to 10 business days" (about 2 weeks) it will then be overnighted by UPS to me (as I've been told the same for months)

Get the forms back to them as fast as possible and they will try and race the clock to get it through all their review and verification process before the home is sold.

This is totally incredible.

[Evan Bedard]

Hi davephx,

It seems its now a race. For about the 12th time, request to send me the Trial Mod paperwork is being sent to Fannie and within "up to 10 business days" (about 2 weeks) it will then be overnighted by UPS to me (as I've been told the same for months)

Get the forms back to them as fast as possible and they will try and race the clock to get it through all their review and verification process before the home is sold.

This is just darn right crazy! How can they go about putting you on the trial period and just take it back after two months of already paying on the agreement.. I would suggest you call in and talk to a supervisor/manager yourself and find out whats going on. This does not sound right at all, its just cruel!