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Fannie Mae is a government-endorsed mortgage provider that specializes in helping middle- and low-income families find affordable home loans. It also has a refinancing program, and its website includes resources related to affordable housing and home purchasing.
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We bought a house through foreclosure, we are a first time home buyer and knew we would have made mistakes but this wasn’t what we expected. After we got in the deal we realized they had remodeled the house but it was cheaply done so we had planned one project a year. First off, the floor was hollow as they didn’t put the liner below, two months later we were sleeping only to hear a loud crash. This was the entire kitchen cupboard. Fell to pieces on the floor. I was so scared cause I have a 9 year old who could have been in the kitchen that morning, thank God she wasn’t. The bathroom is horrible, everything was cheaply and poorly done. PLEASE STAY AWAY from FANNIE MAE properties.
My husband and I had a closing date, contract, and paid an appraisal fee for a Fannie Mae Homepath house. They went and sold the house for cash to someone else. We are contacting an attorney to fight it. Terrible business!!
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I was buying a foreclosed from Wells Fargo through Bbt. The home was originally financed through Fannie Mae. While during the closing process and 2 weeks away somehow Wells Fargo proceeded with foreclosure of the home and auctioned it off to Fannie mae with no warning of auction nor any posting of auction date. After I got the home inspected and got a pest inspection and treatment for $700 they sold it to Fannie mae.
Now that wells fargo and Fannie mae knows what happened they still find no wrong and Fannie mae is now putting work into the home so they can up the price of the sale of the home. Fannie mae still wont just let me buy the home as I was continuing to do even though it is ready to close ad has been since Jan 10th, Wells fargo went ahead with the sale of the home to fannie mae with no competition on Dec 11. I alerted Wells fargo throughout the closing process and they still went forward with the sale. No auction date was put on the home and wells Fargo keep saying there is no redemption laws in Virginia which is their reason for continuing the sale without guilt.
Put in a bid over list price on HomePath property. Fannie Mae put property into multiple bid. I placed much higher bid 1 hour from deadline. FM accepted bid that was $350 higher as "highest and best". That bid was entered after mine, and placed by another agent in the listing agent's real estate office. Fannie Mae refused to release details on the bids or timing. Claim that they "investigated" and found no evidence of wrongdoing in the process. Fannie Mae property sales process is tainted. They should be made to adhere to the Freedom of Information Act, as was attempted in House Bill HR 1694 2017, which was not taken up by the US Senate.
In April our payment not due until 30th of each month. I sent payment in. They put it on principal only. Turned around. Sent another bill for April 30. 2019. Again called them. Told them I already paid for the month of April. Had to send more money in again. 4 days later still got another letter. Called them again. Told them to put our money on house payment. They just are trying to make us lose our house is what I think. They are all connected Seterus, Dovenmuehle, Nationstar Mortgage companies. They are Fannie Mae loans. No good. Need a lawsuit against them. Please stop these people from taking away peoples houses.
I placed an asking price (verified) cash bid on a HomePath Home in Ohio and a much lower "highest & best" bid was accepted. Fannie Mae refused to enter into multiple bid process violating ethics rules. I later found out that the HomePath agent (NOT the listing agent) colluded with the other buyer to sell the home. It's fraud like this is what led to the great recession on behalf of Fannie Mae. Absolutely disgusting. I tuned the fraud onto the Ohio Attorney general and other authorities who are investigating the transaction.
My company has a FNMA loan serviced by Arbor Financial in Boston. It is an elderly property that needs new elevators at a cost of $200k for both. I have had the loan for 10 years, tried to refinance because of the horrible service by Arbor. The loan payout amount came in a $266k which tanked the refinance plan. I still need the elevators, asked Arbor for a second to pay for the work. They told me we are not "eligible" whatever that means. I have never been late on any payment and when I asked what eligible means I got no answer. We have a lot of property with different banks, Arbor and FNME are the worst I have ever seen.
Our sewer backed up into our shower and our half bath. So we looked over our inspection. It said our septic and sewer work good and the septic tank was about 20 feet from the house. We have had two different septic companies out and they cannot find a septic. We had to pull up the floor in the kitchen, hallway, both bathrooms and the sewage was under the house draining out. The kitchen sink was not hooked up and also draining under the house.
We found that the structure of the home was NOT in good condition. The joist were routed and some laying on the ground. As they said the structure of the home is found to be in good shape. So we have sunk every penny into this home and we are walking on plywood covering the floor because it needs fixed and we can't afford it. My husband and I are both on disability and have no extra money. The name of the inspector is the same person we met at the title company when we signed off on the house. So now what do we do? We can not afford an attorney.
My Fannie Mae loan is serviced by what is now Mr Cooper (formerly Nationstar). After my husband's death I fell behind in payments. Tried for modification was denied because they said it would not lower my payments the required amount. Said I could get a repayment plan. OK They said I was 6 payments in arrears (not consecutive). After my sending all my payment copies was changed to 4 as I stated. OK Set up the plan. An initial lump sum of $2100 required with 4 payments of $1008 to follow. I borrow the $2100 send it off. Pay the 4 months of which April was to be the last according to my account on their website. Let me state I was ALWAYS in contact with Mr Cooper during this time. The place is basically a call center. You never get the same person in the same state who gives you the same answer as the last one.
OK April I pay $1008.00. Next day I call to see what my monthly payment would be. I was told $685.00 due in May. Great, I can start to pay my sister back. Next day a notice of foreclosure comes certified mail. I call (AZ) this time. Girl says I didn't adhere to the plan and am $2K behind. I explain about the repayment plan. "Nope you are in default." Now I am crazed. I call the next day (TX) this time. Tell the girl my story. Put on hold. She comes back and says "I see the problem. Your initial payment of $2100 should not have been applied to the monthly plan. The monthly plan should have been for 7 months. Our mistake sorry but we can resume a new plan of $1004 (she was pleased with herself it was $4 cheaper) for SIX more months!"
Exactly HOW MUCH am I paying for this plan. Even counting my regular mort payment. I have repaid $2100 plus 4 months of $300 extra. How can I be $2K behind?? I told her I would just borrow the $2K but she says, "NO. It shows you defaulted even though it was our accounting error." What?? Fannie Mae should be more careful who they sub their mortgages to and I am contacting my reps today. This is robbery.
April of 2010, I was seeking to negotiate with Fannie Mae's loan's servicing agent (Sovereign Bank) for a reduction in mortgage loan interest rate of our rental properties. Upon first contact, my finance officer was told by the loan's servicing agent that the loans had to be 45 days in default to discuss modification. I stopped payments and placed the exact payment amounts in safe recovery. By my doing what we were told was entrapment to place our properties in default. Sovereign Bank (n/k/a Santander Bank) refused to respond and began foreclosure proceedings. At a foreclosure mediation, I and my finance officer offered a plan to reduce the loan's interest rate. Response from Sovereign Bank was not to negotiate and offered only a 'friendly foreclosure' (foreclosure continues) forgiving mortgage delinquency (25% default interest, legal fees and a $368,793.54 prepayment penalty) totaling over $1,100,000.00.
Through my foreclosure attorney, I offered to make the loans current by bring all back payments up to date and pay attorney's fees. This was refused and 6 and 7 months later the foreclosures took place. During the foreclosure and 2 Court hearings (partially representing myself) I requested documentation regarding my loan's servicing. Fannie Mae, through its foreclosure attorney and loan's servicer, would not provide, denied and lied about such documentation being privileged or non-existent. Found was the 470 page 'Fannie Mae 2010 Servicing Guide Update Part VII and VIII' document with a mandatory effective date of January 1, 2011 (the same date I stopped payments to negotiate). Santander Bank grossly violated the default prevention requirements of this Fannie Mae document.
Fannie Mae was aware of their servicing guide. The two Fannie Mae personal present at the foreclosure mediation of June 2, 2011 stayed silent throughout the mediation. Fannie Mae is a money making business. Through the U.S. Treasury bailout (Housing Economic Recovery Act of 2008) Fannie Mae makes money by foreclosing on properties. "'KILL FANNIE MAE', too big to fail, so big to get away with fraud" exposes this scheme of stealing millions, most likely billions, of taxpayer money and how two government watchdog agencies have failed in their reason to exist.
Fannie Mae Company Information
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- Fannie Mae
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