Fannie Mae sinks called my condo by failures in the neighborhood.Lending Bank, now what?

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I am under contract for the purchase of a foreclosure for about 6 months now. Today (25/09/2009) was the day I left me, but I find 1 hour before settling time that Fannie Mae has dropped to my apartment, according to my bank ( SunTrust). After communicating with Fannie Mae, Fannie said SunTrust Investment afraid of me in that capacity, I’m going to buy because the owner in the district are not their mortgage and there are reported failures in the region. Somehow, these failures have an impact on my ability to adapt to this house begleichen.Ich separately called Fannie Mae directly by phone and one of its Tier 1 representative told me that she is I want to buy back the property (ie they are ready, the money invested), but they think too risky for me because they think that “without reservation” that K√§ufer.Aber all very contradictory, because my loan with SunTrust and its insurer has been approved. In fact, my credit score 700 +. Level 1 fannie representative said that the reason does not know why they think I am not qualified and the only way to know is like me talking to Fannie Level 2 representatives to get in touch with me in one week because they are super-busy Leute.So, now SunTrust made in the process of appealing the decision taken recently by Fannie Mae. Is anyone familiar with Fannie appeal? Does anyone have suggestions for what should I do? legal advice? All / any help from anyone out there is very appreciated (brokers, lenders, suppliers, etc.) .. Incidentally, the property of Howard County, Maryland

3 Comments
  1. Reply
    TRIXIEs got a toolbox full of B$
    April 29, 2011 at 11:43 pm

    they are right.. sorry to be so brutal. a borrower can be approved and a property declined..

    many things happen in underwriting.. the 2 biggies are borrower approval and property approval..

    you probably are not the problem.. they may try to blame you as to not violate RESPA law.. Red lining is illegal, they are Red lining the property to reduce future risk. they may not want you to know this..

    my advice.. Run in the other direction.. i would not buy it.

    **wow.. Thanks Paul.. that’s new for me, someone here agree’s with me.. and hey i like the word Magic Box… hmm.
    no.. it’s a Toolbox.

  2. Reply
    Paul in San Diego
    April 30, 2011 at 12:42 am

    I kind of agree with Trixie and her magic box of B$ . If Fannie Mae has a problem with the neighborhood, maybe it’s not a good neighborhood to be buying in. And, maybe you should look elsewhere.

    Another option if you really want this property is to find another lender. You should go through a mortgage broker, though, instead of one lender. A broker gets daily rate sheets from various lenders and, when you apply through the broker, you’re pretty much applying through all of the broker’s lenders. Then, if one turns you down for whatever reason, you just go with another one (like one that doesn’t do Fannie Mae loans). You can also apply to multiple lenders and go with the one who accepts you at the best terms.

  3. Reply
    Ed Atun
    April 30, 2011 at 12:57 am

    Most condo’s fail to get financing because they are below 70% owner-occupied. The lenders learned that condo’s tend to depreciate when they become rented. At different times the limit has been 50% and 60%. Ask about that if you call again.
    What you are describing has been called “Declining Market” by the lenders. Prices are falling so fast in this area (near the condo) that the lenders can demand a higher down payment; but they usually will continue with the loan if you have the money.
    Blaming you for the “rejection” seems unfair. Almost like they think that will make you “go away”.
    At some point you have to give up. An appeal to FNMA could take a year. I think you should cancel your sale and get your earnest money back while the condo is approved.

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