12News - NO GRACE PERIOD per Fannie
12News Phoenix report on Fannie owning home after she was a few days late (no more than 5) on a monthly payment.
Servicer was Met Life. Due date of 2nd payment under a "Repayment Plan" was 10/1.
Shows check dated 9/27/10 and a stamp date assume by Met Life of 10/5/10.
She called Met Life about 9/27 to see if she should overnight the check.
No, they said there is a "cushion" so no problem we will receive it in time.
She comes home soon afterwards and finds a notice on door that home is now owned by Fannie Mae.
She of course is in fear and panic (just made improvements to home and is desperate to keep). Contacts Senator McCains office and 12News.
Phoenix housing person interviewed said this is new practice of Fannie to immediately sell home if payments not made by due date with no grace period.
Was not a HAMP modification but a Fannie Repayment Plan
I assume she already had notice of Trustee sale etc but assumed would not be sold due to Fannie via MetLife Repayment Plan.