AN OPEN LETTER TO FANNIE MAE, CONGRESS AND PRESIDENT OBAMA:
Please do not give any more money to Fannie Mae, if only for one reason. They are driving owners into foreclosure with their ludicrous idea of market value. I would rather see you give it directly to owners who are being buried by this uncaring and unapproachable behemoth.
No more money for Fannie Mae, I say!
Please hear my story! My example is just one of many desperate cries coming from the people in our nation, but falling on deaf ears.
My seller was completely approved in September 2009 for short sales on two houses with CITI. We were ready to close after working for months to put the deal together.
Just as we were about to close, a title search revealed an illegal encumbrance placed by Countrywide/BOA.
We worked from September to February to have the encumbrance removed.
We were given the clear to close from CITI. As we were about to close on Feb. 16, 2010, we were told that the buyer would now have to bring 33% more money to the table or no deal per the investor (FANNIE MAE), and the seller would be forced to accept a deed-in-lieu of foreclosure or a full out foreclosure.
The property values in this town and on this street did not go up at all, much less 33%. The houses in question are about to be condemned...there are crack houses on this street. I repeat, these houses did not go up in value at all.
As a matter of fact, once the houses are destroyed, the properties will be worth 1/3 of what the buyer is offering.
This type of illogical approach by Fannie Mae is why I say NOT A PENNY MORE! They are losing money hand over fist for their ridiculous guidelines.
As far as I can tell, there is no way to fight Fannie Mae. No response is given when one calls - they say they don't have anything to do with it. CITI blames it all on Fannie Mae, and tells us they have asked for an exception and it was denied.
I am the eyes and ears on the local level for an entity like Fannie Mae, but they won't listen to me. They are just trying to cover their losses, at the expense of my client and many others like her.
She is heading for foreclosure, thanks to Fannie Mae's ridiculous opinion of market value.
I beg you not to give this machine any more money that they will use to financially bulldoze Americans.
And if there is any way that you can help my client and the others like her, I would like to know asap.
Dawn Maloney, REALTOR®, Luxury Home Marketing RE/MAX Haven Realty
Direct: (330) 990-4236 Email: email@example.com
Helping home buyers and sellers in Summit, Portage, Stark, Medina, Wayne, Lake, Geauga and Cuyahoga Counties since 2003.
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