FreddieMac Simply Does Not Understand
Let’s get the announcements out of the way in the beginning. Friday, August 13th is the date for Kevin and Fred’s Crush It Short Sales class. The fee goes up to $99 after midnight August 10th. So, get signed up today. Also, please bear in mind that we wish for you to capture on film your own Short Sale Power Hour video. We want you to communicate one of your most terrible, yet overcoming short sale stories. Put it into a shoot that is less than ten minutes. Place it on YouTube and present it to us.
Now we are on to other topics, specifically, FreddieMac. The conversations that Kevin has been having with FreddieMac recently have been unreasonable. They have requested a $30,000 promissory note from one of our clients. The dilemma is that the property owner has a real hardship. The loan is a purchased money loan and the offer is for more than what they feel the property is worth. In addition, they are the single lien holder and the PMI company already signed off on the deal without asking for a promissory note.
This homeowner has a true hardship. He is in the education discipline and had to relocate forty miles away to rent a new property while they couldn’t sell their old property. So, they have been making payments on 2 houses for a couple years now. There is no better case of an genuine hardship. The home owner has been advised by his attorney that he ought to walk away from the home and let it go to foreclosure if he can’t short sale the house.
FreddieMac has asked for 1.8 billion dollars in help from the gov’t since they continue to run their corporation into the ground. If FreddieMac turns this short sale down, Kevin and Fred might have to go to the Mortgage Insurance company that is insuring the property right now. It will cost the MI company loads more money if the property goes to foreclosure.
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