Quote:
Originally Posted by parhiscan
I checked with fannie mae and they are the owner of my house yet I have been paying Bank of America. Who the hell owns my house
|
I located this article and you see a connection or partnership between the two.....
Dated: July 2009
The recent Countrywide and Bank of America (BofA) merger has been anything but smooth. Their computer systems are down and files have been inaccessible for updates at least one day per week over the past few months. Files are taking far longer than should be expected by any reasonable person. Some recent procedures and policies have seemed to bog the system down, not speed them up.
In a recent phone conversation with BofA, we were told to expect Fannie Mae back loans to take up to 6 months to complete! Fannie Mae backed short sales are submitted to BofA and other lenders like any other package, but the approval has to be given from Fannie Mae themselves. This is a leading reason of the delay in short sales with this lender. BofA is slow to process their files to begin with, adding Fannie Mae into the mix, which is so incredibly backed up, makes the responses from them regarding an approval a gruesome wait.
http://www.trulia.com/blog/mh_solutions_inc/2009/07/short_sales_with_fannie (broken link)_
your's may not have been a short sale, but the two financial institutions are working together.