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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.
Have eviction rights and laws which a supposedly Fannie Mae realtor (violated) (but not sure who he really was). Bank and its attorneys seem to know nothing about it? And this guy said, "So I heard", that he had called the banks attorneys not on the case and at first it was acknowledged they gave permission then that changed. So have no idea who gave this guy permission to do what he did with NO PAPERS SERVED. NOTHING. I suppose he's just going to put the check in his back pocket since no ones knows anything. One big cover up... I'd say. Locked out, items dumped (NOT STORED) all plants of 35 years and longer destroyed and wildlife items destruction at night... House was not vacant or abandoned. Tricked by this so called person and he had all intentions of selling it within a week of throwing me out. It's in the courts?
No papers signed or given. No marshall. No nothing. So I guess anyone without papers or ID can take your evictions rights away, DUMP your things and violently destroy the property very quickly and just put it on the market... Bank denies they know?? It all smells and if Fannie is behind it they have a corrupt person working for them. And Fannie Mae is just as corrupt. This is illegal in CT. But they don't care about people rights, either does the attorneys and the bank. It's become one big coverup... Someone has to stop it. It's ILLEGAL... How could a bank and its attorneys not know nothing?? House just went on the market Sat Jan 6 2018. It should be stopped.
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Put an offer on a Fannie Mae property that needed repairs of course, it had to pass FHA appraiser/lender. Work out the extra cost in the contract, whatever repairs needed to pass would be added to cost. We drop a 1000 deposit and waited. Months go by, they little repairs to the outside and no repairs in the inside. We complained to Tom **, listening agent. Then they send some regular looking people to paint, remind you the job literally looks like a 5 year old did it.
Months later he sends us an email saying, "Everything is done. Please order appraisal". We do so, but got a chance to go inside again before appraisal. Literally nothing done!!! Paint chipping everywhere, tile missing everywhere. Dirty grease walls, holes all in the bathroom. We get in contact with Tom **, he tells us he did everything we said needed done and for us to go ahead and order the appraisal. We asked for our funds back as him and Fannie Mae breached contact. He claims we breached by not wasting more money on appraisal. We told him we showed the photos to our lender and they said an appraisal would be a waste of money. Tom and Fannie Mae will not return our funds I feel is though I'm in a real life scam!!!
We put in an offer for a Fannie Mae home, HomePath, that opened in our area. It was directly across the street from our grandson, so we were excited for the opportunity. We looked at the house and put in an offer that night for over the asking price. The offer was available to people intending to live in the home (not investors) for 2 weeks past that date. We signed a paper stating that we would move into the home in 60 days (even though it needed considerable repairs) and that we would live in the home for at least 12 months or pay a $10,000 fine.
The next morning, our realtor informed us that Fannie Mae had accepted another offer, even though it was weeks before they were going to stop taking bids. We were confused that they accepted an offer before ending date. We then found out later that the offer they accepted was lower than what we offered. Although disappointed, we felt the matter was over. Then, just 3 months later, I drove past the house and there is a "For Rent" sign outside the house. This is clearly against the guidelines Fannie Mae had set for us.
Offered Fannie Mae what they were asking for during the HomePath homeowner's first pick time frame (homeowners who are going to live in the house, not open to investors yet) and my bid was accepted and then they asked me to go on "investor's" side which they said would give me more days to move in. They acted like they were doing me a favor but they were lying to me so the bidding would open up to the investors and they would get more money.
So, then when they opened it up to the investors, and they refused and denied the verbal acceptance, asked us to bid more money and then gave the house to an investor for simply 1000 dollars more than the asking price which we offered them AND PROVED CASH FUNDS which they made me jump through hoops to show them and I DID. They are disgusting and the Attorney General office and the Consumer Financial Protection bureau would do nothing about my complaint and is doing nothing to stop this practice. They are all disgusting.
I am a disabled veteran and was in need of a home with certain accommodating amenities due to my disabilities. I had put in bids on a home for almost six months, being turned down many times, even basically laughed at. After about four months, the price finally dropped into my price range, the range that Fannie Mae said it would never see. I put in a bid and got a response saying multiple bidders, place your final bid. This is a game where Fannie wants to steal your money. So I put my bid of $250k in and waited. After many times of me calling and pleading my situation, to which they could care less, I finally called and found out that I had been outbid. I was angry but understood. Then I found out that they passed my bid over only to sell to someone using their mortgage, for only $245k. This is one of the most grueling and painful things I have had to go through and put my family through.
It very much saddens me that a government ran agency would rather kick its own veterans to the curb. If you are a disabled veteran or a honorably discharged veteran, run away from Fannie Mae. They will show you no respect, and in the end not give a care about you or your family. I will continue to blog and write until the veterans who put their life on the line for their country get some fairness and equality. I have read nothing but horror stories about people dealing with these Fannie Mae criminals, how they bend and break the rules and nobody cares. I am sending a copy of this to my congressman and hoping he will help all the brave veterans get a fair shot at home ownership.
To all of you who didn't for whatever reason get the Fannie Mae house, count yourselves lucky. I bought my house in 2012 and had it inspected, twice. It looked really nice and at that time it was only 6 years old. At the time, the only thing anyone could find wrong with it was a small chunk in the siding. I couldn't be there for inspection as I have a rare illness and it makes me extremely ill at times, but I had the realtor and inspector send me photos and they both agreed the house was good. I bought this house because I couldn't handle a fixer upper and due to my illness I paid for it. Fannie Mae were supposed to fix some small things but they didn't. Once the papers were signed, they didn't give a **.
Well it's only 4 years later and my floors are sinking in. I found out from the neighbours that the house had sat open for 2-3 years and what I now know is Fannie Mae came in here and took up the hardwood flooring and put the fake in place. I guess it had gotten so wet in here that the floors buckled. Well when they redid the floors, they apparently put it over the wet beams instead of fixing that. Of course when I bought the house, everything looked great. I know that this is how it happened because I've had several contractors tell me there is no leak and this is what happened. I don't have the money to fix this because I cannot work and it's underneath the whole house.
The kitchen is the worst. I had someone put down thick pieces of plywood. My gutters are all also wrong. There are no downspouts where there ought to be. Due to the shifting of the floor, the walls are cracking. I just can't believe they get away with this. I thought there were laws against selling a house that isn't safe. They never disclosed this floor issue. There's really shoddy work that went on here and it's dangerous. Especially now. I had fallen and broken my hip. I think they should have to fix this. I can't believe they were given a C/O by an inspector. I'm in a terrible spot because I have nowhere else to go. I've been told it could take 30-40 thousand to fix. Something that they should have had to fix before selling it. I'd appreciate any help or suggestions. I am really ill and I'm scared.
We had been watching the decline of a home near our community. We hired a real estate agent to inquire and we sent not 1 but 3 separate offers. All of them declined with no counter offer. This company made it clear that they want to sell the home to a home buyer and not an investor. We said we would occupy the home as our primary residence. After reading so many bad complaints about this company and even hear more I decided to call them. The first attendant I spoke with was very rude and did not know anything about this situation. She talked in circles and did not make any sense. She said that they look for 4 things, but she only gave me 3. When I asked to speak to a supervisor she questioned me like a German soldier during the ** regime.
At this point I knew my feelings were correct about the company. After telling her to transfer me, she finally did so. I spoke to a supervisor, which was very kind, and she, at my request escalated this matter for me. But she also stated that starting on the 16th of November 2016, which is tomorrow, it will be released to the investor side of the market. Making that statement did not set well with me, as this company made it sound like they intentionally declined all my offers to test the market unfairly, is the way I felt after that had been said.
Now, I called back and the attendant I spoke to was rude from the get go. I asked to speak to a supervisor. She put me on hold for longer than I believe she should have. And finally came back on the line and said no one will speak to me. I will have to wait to see if I get a callback. I personally feel and many others I have spoken with, including real estate agents, feel like either I have been discriminated against and/or fraud could be a probable answer. So, I will be diligent in seeking answers from my State and Homepath's State on why there seems to be so many erroneous problems with this company and their ability to fairly sell real estate. My advice is to stay away and find another home that this company is NOT involved with!!!
I have an accepted contract for a Fannie Mae owned property. We knew the home had a mold issue so we got the mold remediation inspection and price of $4,800 to repair. Not a lot for a home we were paying over $300,000 to purchase. My agent happens to be in the same brokerage ReMax Components as the Fannie Mae Selling agent, so I thought that would offer some protection against self dealing (the listing agent selling the property for less to someone he found). NOPE!
Instead of responding to the request for repair, the listing agents Tom ** and Vinny ** of Remax Components in Cecil County Maryland unilaterally cancelled the contract. My period for inspection and right to rescind does not expire until 10/7/16, but the contract is canceled and the house is relisted. The house will be sold to an insider for cash (a flipper) who will cover up the problem and foist it off on an unsuspecting consumer at a higher price. Fannie Mae will make less, a house flipper will profit, and an unsuspecting family will be endangered by mold.
My husband and I tried (trying) to buy a Fannie Mae home. It has been a complete unorganized nightmare. When the home came out on HomePath we worked with our realtor and made an offer on a Friday. The offer was above the sales price and included a loan approval letter from our bank. On the following Monday we were told there were multiple offers and everyone should come back with their best offer by end of business Thursday. We worked with our realtor and bank and made our offer, as did others I am assuming. Fannie Mae then comes back stating they are rejecting all offers and would not be selling the property because of Federal Tax Liens. We knew there were Federal Tax Liens (as did Fannie Mae from the start), because we had been trying to buy this house through short sale before it was fully foreclosed.
We also know there is an 120 day redemption period (starting from the day of the foreclosure sale) for the government to buy/buy back the house. By this time over 30 of those days has already passed. Our realtor pushed back and asked the listing agent why this was being brought up now when they have known about the liens from the start. The listing agent spoke with Fannie Mae. The following week Fannie Mae decided they would move forward with the sale of the house, as long as the buying party knew the house could not close until the tax liens had been released or the redemption period had passed. We are also told that no one would have to make new offers that the offers submitted would stand. But, then we were told the house needed $50,000 worth of repairs before it was livable and they did not think it could not be lived in within the 60 day occupancy window.
Again we pushed back and said it could and we had already signed a statement that we would occupy the property within the said time frame. So, Fannie Mae stated anyone bidding had to provide a building estimate that covered the repairs and state the repairs could be completed within the 60 day time frame. But, Fannie Mae would not be providing the list of repairs. Now, we did file a claim with the Freedom of Information agency, but was told that Fannie Mae was not a government agency and therefore not under that jurisdiction. (Yes I have all this in writing. It was news to us that Fannie Mae isn't a government agency--wonder who does govern them... but that is for another day). This was crazy, but we spoke with our builder and got our estimate together (in the matter of about two days, because of the short time frame given by Fannie Mae) and submitted it.
A few days after that Fannie Mae came back and said everyone that responded with this information would have to submit a new offer by the next day (Wednesday) even though previously they had said we didn't need to. We again got with our realtor prepared a new offer and submitted it. On Thursday afternoon, we were told through the listing agent we had the winning bid, but needed to provide an approval letter (this was done every time we made an offer) and a statement from a bank saying we had a certain amount (large amount) of money in the bank. We had to scurry around and get with our banker before the bank closed to get the paperwork back to the listing agent by 6:00 that evening. We managed to do that as well.
On Friday we were told we had the house and the confirmation Email would be coming and they would be sending some additional paperwork to be signed and for us to provide our earnest money check. On Monday our realtor checked with the listing agent and she had not received the paper work yet, but should any time. Also, on Monday afternoon our realtor received the official acceptance Email from Fannie Mae stating the our offer had been accepted. Late Tuesday morning the listing agent calls our realtor to tell him that Fannie Mae had decided to not sale the property, because of the tax liens. So, our realtor of course pushed back as did we. The property was pulled off the HomePath website and is not for sale at this time.
Now, during this whole process we and our realtor have been in contact with the Fannie Mae powers at be providing them with the nightmare play by play. When we call the customer service number on HomePath and give them our name and ask for their boss, they begin telling us who is managing our CASE. Well... wow, just wow. We have not given up and are still pushing, so I may have an update to this review.
One thing I can say if we get the property or not there is something seriously wrong with this system and process. We have already reached out to our Congressman and plan to file a complaint with his office. We do have confidence that at the very least there will be some type of investigation into how this "NON government agency" runs its business with no accountable to anyone. More to come...
I've recently purchased a house from Home Path/Fannie Mae. I was told the house has been remodeled and everything is functional. And, at the inspection time, on surface, everything seems to be new and fine. So, I happily purchased this house with the understanding that everything is new and functional, and I just need to do minor clean-up and I can move in!
However, after I bought the house, before I moved in, a piece of the bathroom tile fell off, so I had a handyman to come fix it. Then we found there is no waterproof protection for the tiles in the bathrooms. So, I had to remove the tiles from both bathrooms and basically redo the bathrooms to make sure they are water proof.
Then, we checked the kitchen floor, and found the space underneath the tiles to be hollow space and not cemented to the floor. We removed few tiles and found out the tiles were not properly installed and grouting work was incomplete and this problem is consistent through out the tiled area of the house. I think probably over 1000 square feet. So, now, I need to spend another $10,000 or more to remove and replace the tiles. And, as we were removing the tiles, we found another layer of the original tiles with few missing wood frame underneath. I am not quite sure what I will continue to find when I look deeper, and I am scared.
I found the whole situation very bothersome and intolerable. I am attaching pictures of the bathrooms, kitchen, living room and dining room from the original listing. Everything was supposedly newly remodeled and functional. And, I am also attaching pictures of the fallen tile in the shower wall, and the condition of the floor tiles. I was so distressed when I found out about the bathrooms not been waterproofed, so I didn't think of taking pictures but just asked my handyman to take them down to start working. I was thinking of just get things fixed. But, after seeing the problem with that kitchen floor, and more problems with the bathrooms, I decided to take the pictures to share them with others and voiced my concerns.
I am not sure what to do now. I think the value exceeds small claims court, so my agent just told me to see if I can find an attorney that will work on contingency. But, since the value of my case is not that high and I am sure if I am able to find a trustworthy attorney to help me. I am still exploring my options, but I want to share my experience with others so no one else will be stuck in the same situation as me.
Buying a seemingly remodeled house with supposedly everything new and functional, then to find out that all the major works need to be reworked. If I had bought a fix-it-upper, I just need to install new things. But, in my case, I had to spend extra thousands of dollars to remove those poorly installed bathroom and kitchen tiles before I tile all of them again!
My agent at Re/Max Landmark submit offer with certificate of buyers completed course with initial offer and have confirmation on line 18) Yes, for $75 reimbursement. And 19) Yes, for 3% closing cost. Per my agent and Lawyer, Fannie Mae wants to see I am serious buyer and 3% closing cost + $75.000 reimbursement fee and $1000 earnest money of first offer will be given to me on closing day. They hold it to see if I show up at closing or not and on closing day it was said by my Lawyer Ted ** I am not getting this money and when I ask for explanation or have something in written it was said to be Fannie Mae won’t give me anything (TAKE IT OR LEAVE IT).
I am a Realtor. I think Fannie Mae Realtors being not allowed to review any inspections or reports is criminal. Every other seller has a duty to disclose. Fannie Mae's rule on this subject allows them to pass on deficiencies in their homes they have for sale and causes buyers hundreds of dollars in inspections that could possibly lead to a better conclusion if the listing agent could see them. So fixes aren't done to allow a buyer to proceed, get insurance, feel safe in the home, etc. So when one buyer can't buy a home due to deficiencies it just goes on to the next buyer who will probably hit their head against the wall just as hard. Disgraceful. Should be a class action lawsuit! Our particular situation involves an electrical panel box that is hard to insure with a water heater right in front of it. A clear code violation.
We were looking to purchase a Fannie Mae Homepath Home and were hit with every single roadblock that we could possibly imagine. This company is a joke. They have absolutely no business ethic at all. They will make money off of you whether you are able to close or not. All of our financing was good but they would not wait for a septic and well diagnostic inspection and appraisal to come back, a 10-day extension. Their selling agent said this is the second time that Fannie Mae has done this to an FHA buyer. Where's the disclosure and why are they will to accept FHA loans when FHA requires a well and septic check? $800 and 45 days wasted thanks to these people. I agree with another consumer that said, "You will get absolutely nowhere with these people" because you won't. They are thieves. These people are a joke. I am so frustrated, never again.
You will get NOWHERE with this company, they will NOT answer questions, they will dismiss any problems with the listing or listing agent, they will change the parameters of the listing as THEY see fit, with no logic, explanation or common sense. So far I've seen them pull the listing after the initial offers come in and then raise the price. I've talk to investors who claim that 99 times out of 100 the customers of the listing agent get the deal not the outside brokers representing other bidders. Good luck!
I was trying to purchase a home in Jonesboro, Ga. My entire experience with Fannie Mae has been suspicious and dishonest. I found this home in March and fell in love. Unfortunately, someone outbid me and I continued my search for another home. A week later my realtor gets a call and says that the person who outbid me didn't go through with the process and asked was I still interested. Of course I was! We get the ball rolling with paperwork, Earnest money, etc. My mortgage lender is (Bank South). I chose the FHA first time home buyer loan with down payment assistance being that I am a single mother of 3 children. One of which is disabled.
Then we run into a problem... A Fannie Mae employee (I will get his name from my realtor) states that we have to close no later than May 23rd. Well unfortunately, with the first time home buyer loan it takes up to 45 days to process. My lender said there is no way she could guarantee that unless I was willing to lose my earnest money. Of course I wasn't! That's $1,000!
Later on that day my realtor gets a call from the same Fannie Mae employee stating he could make the closing go a lot quicker. Not only was that unprofessional since I have my own trusted mortgage lender, but he also mentioned that it wasn't worth me getting the first time home buyer loan because I have to pay that money back and Clayton County offers money that wouldn't have to be paid back. All I needed to do was to give his lender my information, come up with more money for closing, and basically fire my lender. As bad as I wanted to move, a rush just didn't seem right! I felt like commission was trying to be made by a certain date.
I wrote a letter and asked my realtor if she could figure out who it should go to. I wanted to know why we weren't able to get a June 3rd closing date (which my lender requested)? The house has been on the market for over a year. What would 2 extra weeks matter? Once my letter was sent, we received a response stating that the June 3rd closing date was granted. I was ecstatic!
My realtor and I went back to the house about a week later and I noticed that someone had put some fill dirt/soil to cover up two holes that were a part of the walkway foundation issue. Why is someone trying to hide what needs to be seen? It was time to get my inspection and of course I wanted the BEST! I went on the American Society of Home Inspectors website and found Mr. Darryl **, an ASHI Certified home inspector. He was very thorough, informative, and honest. But it didn't go as smoothly as I hoped...
The roof needs to be replaced, the entire back deck isn't secure, the wood is rotten, the entire deck isn't touching the ground, there are foundation issues, the fireplace which is gas is not operational, etc. Most of which was not on the appraisal we received. The Fannie Mae property realtor advised my realtor that the only repairs that would be made were those on the appraisal. On May 13th my mortgage lender advised me that if the problems from the inspection were not fixed, the underwriter would not let me move forward with the loan for the house.
My realtor relayed the message via email and phone message daily, even asking if we could go half on repairs (not knowing that wasn't possible) since I really wanted this house. No one responded back to her until May 20th. Only to get a response saying "we will only fix what was on the appraisal" (that appraisal came from the previous purchaser). The appraisal is inaccurate and my realtor even asked if I could get another and they said no, it wouldn't matter.
If I'm not mistaken, on the Fannie Mae website it states "When the property is appraised, the lender will need to ask the appraiser to update his/her appraisal based on the results of the inspection in which case the appraiser would incorporate the results of the inspection and measure the impact on his/her final opinion of market value." Which is not what happened in my case. Which means what the inspector finds that is serious issues with the house, would need to be repaired by Fannie Mae i.e Foundation, Roof, Deck (which is structural).
This is why the home isn't selling! Fannie Mae employees are trying to get over on people. I noticed Fannie Mae has a lot of complaints and I see why. Your employees are not abiding by policies and procedures. My realtor and I requested a termination letter on 5/20/16 but if these issues can be addressed/resolved I would be happy to continue my purchase. I see that several of your "codes of conduct" have been broken.
We found a Fannie Mae property located in an area we have waited to buy. The house needed TLC because it was built with Chinese drywall and everything had been knocked out. The listing agent listed the property and didn't mention anything about it being a cash only property. We sent emails to the listing agent and never got a response. I drive to the listing agents office to inquire and was told its cash only. I contacted a great lender who pre-approved us with a 203. k renovation loan that would cover everything that needed to be repaired.
We submitted an offer and was the higher bidder after multiple offers were received. We got a counter offer from the asset manager for cash only. We tried to reach out to the listing agent to see if she could contact the asset manager to reconsider accepting financing for a renovation loan as we were not investors but an actual family that wanted to live in this home. The listing agent was NOT helpful whatsoever. The lender even contacted her and that didn't matter either. We contacted Fannie Mae directly several times and they just follow the send a complaint rule which we did but never received a response. What boggled me the most about this whole ordeal that lasted about 3 weeks since we first saw the home was why???
If the house was going to be bought why do you care where the money comes from? If you are getting the most for this house with the highest offer why does it matter if it's via a home improvement loan that is pre-approved well over your asking price. Why aren't they even open to discuss accepting a home improvement financing loan? When did Fannie Mae stop following their mission of wanting to help people??? This is such a sad experience and had been so stressful that I will NEVER consider looking at another property that they have available. I also think they need to screen their listing agents a little closer too. This one has zero interest in trying to work with anyone or assist anyone not standing there with a bag of cash. Two thumbs down for both involved!!! Horrible experience.
I would tell anyone buying a home from FM to think twice. I was a new homeowner thinking I could get the American dream. I knew some repairs needed to be done because it was a foreclosure, things like HVAC, new toilets, faucets. Ok move forward three yrs I find my home is water damage painted over with foam. The only thing I've been doing is losing money. I was so naive to think because it was a government loan they would be fair with me. I think it's wrong for FM to hire people to do shotty work just to get people in houses so later they are in foreclosure and ruin their credit. They are no laws to protect consumers from this type of practice. I should have did my homework but lesson learned, I'm gonna be out a lot money trying to repair this money pit...
I had the worst experience with a HomePath home in Boynton Beach, FL. This home was on the market for $165,000 and so I looked at the home with my realtor. HomePath offered a 3% contribution to the closing costs if you purchase the home and complete their $75.00 mortgage online course. I was interested in the home - I spent 4 hours purchasing and completing the course so I could submit the certificate with the offer on the home. The home needed some work with all new windows, moving the laundry hookups, etc. but I was willing to invest in the home at the listed price.
Unfortunately, the decision was made the next day prior to a response on my offer, to lower the list price of the home by $20,000 dollars to drive up more offers and create a bidding war with highest and best. I was appalled and could not believe the bad business practice. I don't know who made this decision, Fannie Mae/HomePath or the realtor on this home at ** Boynton Beach, FL but it was a horrible choice.
I submitted my best and final and my offer was not accepted. I'm out $75.00 and nothing to show for it. NEVER do business with this company because of their shady real estate practices and NEVER fall for their 3% contribution toward closing costs. They not only take your money and do not issue a refund with the bogus course, but they draw you in with the course and then no reimbursement of your costs to submit an offer if you are dragged into a bidding war over a real estate property. HORRIBLE business.
My 82 year old best friend got a business loan 12 years ago. She had her lawyer help her. Well it is time for her to retire, we found a buyer and Fannie Mae, which is owned by our famous government is requiring a payoff penalty of $280,000.00 dollars. Yes, you are reading this right. Usually you get a break or even a better price when you pay back money early, not with this company. We are asking for a break for this 82 year old woman which she deserves a break. She has not been late. I guess if they don't give her a decent break on payoff, we are going to bring this to light even more so. Yes we have proof and I bet that a couple of the presidential hopefuls would like this info being that the government should not be in the business of making people pay a penalty for paying a loan off early, especially from an 82 year old woman.
Saw a house listed with a local realtor. I went to see the house and was told it had to be a cash offer. The next day I put in a full cash offer and offered to pay all closing cost. One hour later my agent called and said my offer was rejected. The explanation was given that I already owned a home, I had filled out a form certifying I was going to live in the home. Was told it was the law that since I owned a home that I did not qualify for First Look. I ask where this law was at (there is no law) you need to certify that you are going to live in the home and I did.
I had just about forgotten about it when I got a call from a Fannie Mae ** four weeks after calling insisting I listen to her explanation. The explanation was they do not have to explain. Somewhere, somehow the government has got to put an end to this empire building by these mindless drones injecting their personal feelings into the business at hand. 20 year veteran, senior citizen, and disabled. These are the sort of folks that are contributing to the growing resentment of big government. If there is a black list (which there is I'm sure I'm on it). The court of public opinion is always open and I intend to share this story with anyone who will listen.
Found a home that was foreclosed in the town we are in that we wanted to stay on. Was a bigger home, nicer neighborhood. Price was extremely high but figured the previous mortgage on it was 60k less than what they were asking so went for it. They rejected our bid and then dropped price of house. We went back in, they rejected again, offered a higher number and said final offer. We took it because we wanted the house even if it was slightly expensive. Home inspections went okay, some boiler safety issues but nothing immediate, siding done incorrectly, well water had astronomically high manganese and fluoride levels, etc. None of which they would help remedy at all! They offered nothing for any of it. We closed within 2 months after a lot of pushing as we were selling our house. After moving in, had clogged drains because the painters they hired poured paint down drains, carpets are coming apart down the middle of the rooms.
They hired people to do cheap work and never checked to ensure done correctly. Made it look decent on move in but then did nothing to ensure was habitable. Have dumped so much money into the home and more to come (new boiler, new water system due to manganese level, and now a radon mitigation system because the radon is crazy high)!! I understand we agreed to this but they should have made sure things were inhabitable whether it's a foreclosure or not, especially when the mortgage they had on it before was way less than what they got out of us. They took forever with responses and my realtor had to be on them to help push for the closing date we needed. They made nothing easy and the home was not worth what we paid. Luckily we're handy and will do most of the work ourselves but it doesn't stop things from being a safety concern.
Fannie Mae purchased my home at the Sheriff sale for $23,000.00 which I had a $97,000.00 mortgage with CitiMortgage for 13 years. My home was in foreclosure after CitiMortgage raised the monthly mortgage from $740 to $1100.00 and after they received $21,000.00 of the Governments Hardest Hit Funds. I begged and pleaded from 11/2014 to 2/2015 with Fannie Mae for a repurchase. The same foreclosure attorneys office who represented Citi also represented Fannie Mae sent me a repurchase letter in March. The purposed amount was $55,000 and $5000 nonrefundable deposit for 15 days. The time frame to secure financing was not given fairly and the attorneys office filed an eviction notice at the same time in March.. The house was listed on Hompath and sold for $48,000.00 on 12/18/15.
Fannie Mae listed property with realtor, We made a cash offer, it was accepted. We got to within 4 days of closing, after paying for Survey & Electric service! Then the problems jumped out, seems Fannie didn't clear the Title delinquencies, they needed an EXTENSION (5 days), then they needed (Two Weeks)! During that period they popped the "WE NEED YOU TO SIGN A HOLD HARMLESS AGREEMENT!" WHY? We need to retire the Title (Modular home), we said NO to the Hold Harmless agreement, so they CANCELED our contract!
The County said Fannie never cleared out the TWO delinquent Mortgages, now it could take 3 Months! Well, it's now 10 months and nothing, off the market, no info available, can't discuss it! We filed a claim with the Inspector General's office and received a file # in June. I called them in September to hear, it's out of their hands now and we'd have to go to "The Freedom of Information Act" that would cost $99 for a supervisor, $59 an hour for a Computer Tech, and various other fees of $30 and another $30-40 dollars just find out what our claim found! THIS is how screwed up they are, this is how they HIDE their FRAUDULENT organization, or lack of! Nobody know nothing! Meanwhile the property sits, wasting away, blue tarp on roof now with roof leaks! How or who can get through this cluster ** of an organization? It seems that an attorney would jump on this massive fraud!
I spend almost over a year to purchase **, Miami, FL 33125. I complain to HomePath two times this house delisted. I am a person who wanted to live in it but for $5K difference, they sold and investor now who try to sell on craiglist.org etc other websites. HomePath in their website clearly said, first they seal to home buyers not investors. This is not true. I wrote a couple email. They never return my emails. I pissed off to homepath.com (Fannie Mae) is joke for home buyers who has cash but not credit.
My husband and I were unfairly cheated out of our home by Fannie Mae and Bank of America. We fought with them for eight years trying to save our home. I lost my business and our income dropped drastically so we applied for modification after modification. Finally they decided to give us a modification trial for three months. We paid the amount that they said we had to pay until the third month. They sent us our third payment back saying that it was not enough. We sent them the letter that we received from them stating the amount we were suppose to pay. They told us that they made a mistake and they refused to take our payment and they went forward with the foreclosure.
By the way, we were only two months behind on our mortgage but the modification they gave us was for a 30 year mortgage with the same payment amount that we previously had even though we only had 8 years left on the house when we got behind. We signed it because we didn't know what else to do and we couldn't afford an attorney. When it was all said and done they put our house up for auction, listed it in a small paper that no one really reads, and they (Fannie Mae/Bank of America) bought our home for $100.00. My husband and I built our 3725 sq ft home with our own hands and the only reason we had a mortgage on it was because we used it as collateral to buy a building for our business.
Also, Fannie Mae & Bank of America took the check that was suppose to be used to make repairs to our roof from a tree limb falling on the house and never had the work done and after they took the house from us they applied for another check stating that the roof was damaged in a different storm. Now they have the house up for sale for 99 000 dollars knowing that the roof has not been repaired, it leaks in several areas, it rains down the wall in the living room and one of the bedrooms, the garage door needs to be repaired, the air conditioning doesn't work, nor does the heat, and the rain has swollen the windows shut. It will take thousands of dollars to get the house in livable condition. They are major crooks.
I am a buyers agent involved in the purchase of a Fannie Mae property. My client is a cash buyer (her entire life savings) and we have gone into contract to purchase a REO Fannie Mae Townhome (estoppel was ordered last minute) $13K owed and now it is in the Fannie Mae Legal Department, two extensions later we find out that it may be pulled from the market. The purchase price being $147K after all final negotiations, inspections, repairs etc. I feel that we were being used as a tool to test the market. Especially, now that the market is rapidly increasing, I feel that the LA, FM Coordinator (supervisor) and legal department are stalling to either pull the Townhome off the market now that all of the leg work has been done or discourage the buyer so that she will not sign another extension. All so they can sell it at a higher price.
Fannie Mae has not met their obligations of due diligence and paid the money owed to the HOA nor have they authorized a paid at closing. It appears as they do not conform to the normal standards of real estate ethics. What recourse do we have? I have contacted everyone I possibly could...and keep getting referred back to the listing agent, who appears to be as powerless as I am. Please is there any help out there?
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