Monday, November 14, 2011 / by Lynn Horner Baker
“I need your help on how to escalate a file with Chase. Twelve months and still Chase claims the loan owner, Freddie Mac, will not help with buyer's closing costs, wants a $36,000 promissory note or $15,000 cash from seller at closing!!
The buyer is willing to pay 4-5 thousand at closing and Chase claims Freddie Mac refused to accept that? I don't believe they would rather foreclose and lose more money." Mercedes.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our answer to her question. Freddie Mac will normally pay buyer’s closing costs up to 3% of the sales price.
They have approved it on every single Freddie Mac file when the buyer needed it. In my experience, most Freddie Mac files have Private Mortgage Insurance, aka PMI.
PMI is probably asking for the $36,000, not Freddie Mac. If there is no PMI, then Chase is negotiating too hard. If that is the case, then contact Freddie direct. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at Lynn@HornerBakerPartners.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770 579-4060
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our North Metro Atlanta loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Lynn Horner Baker.
Lynn is a Real Estate Agent and owner of Horner Baker Partners. North Metro Atlanta Short Sales Realtor:
Phone: 770 579-4060. Lynn@HornerBakerPartners.com.
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