Fannie has wrong address needs bank to RE-underwrite. due to wrong address.. would I have to qualify? (loan, foreclosure)

[SILVERWESOKE]

Am facing a FC or short sale. Fannie Mae owns the latest loan ( refinance) and BOA services .

Just discovered Fannie has the WRONG ADDRESS..( just slightly off)
Fannie told me that to correct this, BOA would have to underwrite the loan again and resubmit the entire refinance.

But if they do this, I wouldnt qualify since my credit is obviously shot and I havent made mtg payments in months???.

What will happen here.. Will they fix it anyway somehow..?

Thanks for any info on how this process will go.

[ShanetheMortgageMan]

It just means that Fannie Mae wouldn't own the loan if you couldn't re-qualify, BofA would have to repurchase it from Fannie Mae. Bigger issue for BofA, and the result would likely you could stay in the home for a few more months.

[Modification Specialist]

Originally Posted by SILVERWESOKE

Am facing a FC or short sale.

Fannie Mae owns the latest loan ( refinance) and BOA services .

Just discovered Fannie has the WRONG ADDRESS..( just slightly off)
Fannie told me that to correct this, BOA would have to underwrite the loan again and resubmit the entire refinance.

But if they do this, I wouldn't qualify since my credit is obviously shot and I havent made mtg payments in months???.

What will happen here.. Will they fix it anyway somehow..?

Thanks for any info on how this process will go.

Silverwesoke -

If you would of said - your received paperwork from BoA with the wrong address. They would still own your loan, and you still might have a chance of redemption. Instead - you are getting a notice from Fanny Mae - you no longer own your property. Since Fanny Mae owns your loan, the only way you are going to have to get your home back, is paying the full amount to them.

What you said so far - Bank of America foreclosed on your loan, after you missed payments. Laws are different between states, pertaining to the time and process it takes a Foreclosure to run it's course. Bank of America was holding your loan note - they were servicing your loan as part of a Pass-Through-Security, forwarding the payments thru Fanny Mae to investors. Because you defaulted on our loan - BoA as sold the note to Fanny Mae, they received back the original loan amount in exchange for your loan note. Right now BoA is totally out of the picture.

Your only options right now - is getting a new loan. You said your credit is totally shot - if you know someone to take a loan out under their name. Maybe getting a rent to own home. Other than that - start looking for apartments, or another place to live, because you no longer own your property.

The question is - why did you wait till now to be asking for help????......

[SILVERWESOKE]

Thanks to all for your responses!

[SILVERWESOKE]

One more thing..Actually, on my deed from BOA the legal description is missing, and they have the listed as "drive" instead of "road" . Also, BOA has been unable to find my note so far.

Do I have anything here?

[ShanetheMortgageMan]

My advice is you should talk to an attorney, as message board attorney's don't have a good reputation for showing up in court.

[dragontales]

Sounds like you are hoping that paper work or clerical error will somehow help you avoid foreclosure or short sale. You will be fighting a battle that you will eventually lose. Consult a lawyer asap.