Home Loans and Support

12News - NO GRACE PERIOD per Fannie

Discussion in 'Loan Modification' started by davephx, Nov 2, 2010.

  1. davephx

    davephx LoanSafe Member

    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.

    Unclear issues:
    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.
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    That is completely ridiculous Dave. This is another example of how these banks can do as they please with homeowner undergoing a repayment plan or trial period for HAMP. My heart goes out to the people who put their faith into these banks just to be let down in the end...

Share This Page

COMPANY LINKS

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy