I've been trying to work a short sale with Citi for months now without success. I had an approval on the 1st which expired because we couldn't come to terms with the 2nd. We have now found a way to satisfy the 2nd but Citi won't approve the sale on the 1st. They state that Freddie Mac does not believe the sale is an Arms Length transaction. We have provided as much info as possible to prove it is an Arms Length deal but they came back again stating that Freddie Mac won't approve the sale.
Is it possible to get to Freddie Mac direct in a situation like this. And if it is, can anyone provide details on the best way to get to them direct.
I would take this file to the CEO of Freddie Mac. I had that information, however my computer went down so I no longer have the information. If you go to the Freddie Mac website and search for the CEO, you should be able to come up with the name. Then, call the corporate number and ask for the CEO. You will be sent to the secretary or assistant. I would then do my best to make friends with her and explain the situation. I can usually get the CEO's fax number this way or maybe an email address so that you can get help with this issue.
Have you taken this to the CEO at Citi? Their Corporate Resolutions team usually does a good job of resolving these kinds of issues also.
Best of luck, let me know if you need additional assistance.
Thank-You so much for your response. I actually went direct to the Manager of the negotiator I was working with and he escalated to Freddie Mac while I was on the phone with him. In my situation they are asking Freddie Mac if they will proceed with the sale if my client signs an affidavit stating that this is an Arms Length transaction. I was told that I will have an answer within 72 hrs.
Thanks again for your input. If I don't get anywhere with the Managers help I will definitely use your suggestion.
Glad to help Tim!
Interestingly enough, I discovered one of mine right after I responded to you that is with Freddie Mac! It is too late for me to speak with someone there today, however, I will be calling them tomorrow :)
Let me know if I can be of further assistance.