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Fannie Mae / Unfair practices regarding foreclosures

422 Nichols Circle West, Gallatin, TN, United States Review updated:
Contact information:
Phone: 615-268-7544

During the entire process of the foreclosure on our home and subsequent eviction, things did sound or feel like we were being treated fairly much less ethically. From the very beginning we were told by the attorneys for Fannie Mae that we only needed to make the loan whole to get our house back. We secured means to this and notified the attorneys office since no person can speak directly with the omnipotent Fannie that we had the means and a bank to help us make the loan whole. The attorney supposedly forwarded this info to there client but the next day we had our belongings put onto the street. The first reason we were given was it was to late but later changed their(attorney)story to say they did not think we really had the money even though the bank was the one that informed Fannie Mae we could. Bank of America, the orginal mortgagor, came back after a complaint was logged with the OCC that now wanted to revise our loan until they discovered we had been foreclosed and evicted. The Property Manager, Field Assest Sevices, told my father that he could purchase the property after it went on the market now 40 thousand dollars more than we originally owed. After he made the offer they came back and told him he could not because they deemed him an investor which he is only trying to help us. Also, the local realtor for the Property manger, Trey Ellis, conveinently steps in everytime we seem close to resolution. It is our belief this is simple greed by all the parties given the fact that we had almost 80 thousand dollars worth of equity in our home when this happened. We simply got behind on our payments, chose not to file bankrupcy, and sought to reach help from our bank in the beginning but here we are left to fight the criminals our elected president told us would and should work with us.

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Comments

  • Ma
      28th of Feb, 2011

    The professional in which Fannie Mae has handling the complaints.
    had not been effective . I had a contract on a fannie Mae property.
    I spend more than $6, 000.00 The underwriter insists we had to do the repairs. I did everything anyone suggested. Nevertheless, two weeks before I was to closed on the property I was told it was a second mortgage on the property. The listing agent took the property off the market. I had already terminated my apartment lease, paid the money for light and water to turn on, Insurance prenium, etc, etc, etc.
    I have not been able to get any of my money back from this nightmare of a contract. The listing agent is still holding on my $3, 000 for my downpayment. The horror of this unresolved Fannie Mae property haunt every day. This act should be crimminal.

    0 Votes
  • Ho
      6th of Mar, 2011

    The property at 45301 Deep Canyon Rd #18 Palm Desert Ca 92260was a Fannie Mae controled and it was just resold at $84, 000 when two like properties not more
    than 50' away sold 2months ago for $120, 000 and $130, 000. The property had
    cash offers for more than the sale price and were refused. I have property at same
    location identical to #18 and have a standing offer now for $130, 000, We the public
    were just screwed out of 40 to $50, 000. I wonder whose pocket the money went.
    local property owner

    0 Votes
  • Ca
      14th of Apr, 2011

    To call Fannie Mae's and the corrupt government officials supposedly running this scam, "criminal", is an understatement. These alleged officials are living off of everyone's misery. The "Make My Home More Affordable' program should be re-named the "Take my Home" program. What a scam! I have been in mortgage mod hell for two years, complied with every redundant request for documentation, appeared in court 10 times for an alleged "mediation conference", wherein the attorneys for the bank simply gather for coffee and tell the each distressed homeowner to report back to court the next month. That being said, the attorneys are billing the bank, who in turn, tacks their fees onto the end of your note. Since I've started attending kangaroo court, attorney fees in the amount of $30, 000 have been added to my note. HSBC is the servicer and Fannie Mae owns the loan; I was sadly under the impression that Fannie Mae, being the recipient of billions of taxpayer dollars, was actually going to be helpful. I just completed a paying a temporary agreement, to which I strictly adhered, and now HSBC and Fannie Mae have denied a permanent agreement. They haven't even offered a valid reason for the denial, only to say that I have to pay $36, 000 up front before they would even consider a permanent agreement. There has to be justice

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