calmloki
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Was listening to NPR and "the banks" were being raked over the coals for rubber stamping mortgages and being very casual about the mortgage paperwork. Gotta say, from my perspective Fannie Mae has no strong ground from which to preach that message. We're about to close on a Fannie Mae foreclosed property that we bought via an online auction and all the paperwork is being handled online. Our signatures and initials on the purchase agreement and other paperwork are electronic, and the Fannie Mae Mae lawyer's sig looks like a rubber stamp.
Since Friday, we've been discussing a couple things with the escrow company - it seems that they are of the opinion that Fannie Mae requires the buyer to pay for title insurance. Not only is that contrary to any transaction we've been involved with the purchase agreement specifically states that the seller will pay for it. That would be an agreement rubber stamped by the Fannie Mae lawyer.
The purchase addendum has nothing in the blanks restricting future sale of the property, in fact, that section is unchecked but initialed by us. The purchase addendum is rubber stamped by the Fannie Mae lawyer. Friday we got a form to sign acknowledging that we wouldn't sell the property for three months or for more than we paid for it. Well the heck with that - we're paying cash, if we buy it we own it, and of greatest importance, it is something we didn't agree to in the original agreement.
C'mon - I read most of the bafflegab agreement emailed to us on a little laptop - the Fannie Mae lawyer is probably rubber stamping dozens identical contracts every day - I expect her to know what she's agreeing to on Fannie's behalf.
Anyway, from my perspective, Fannie is being at least as sloppy as the banks - and I don't want to pay for it's mistakes.
Since Friday, we've been discussing a couple things with the escrow company - it seems that they are of the opinion that Fannie Mae requires the buyer to pay for title insurance. Not only is that contrary to any transaction we've been involved with the purchase agreement specifically states that the seller will pay for it. That would be an agreement rubber stamped by the Fannie Mae lawyer.
The purchase addendum has nothing in the blanks restricting future sale of the property, in fact, that section is unchecked but initialed by us. The purchase addendum is rubber stamped by the Fannie Mae lawyer. Friday we got a form to sign acknowledging that we wouldn't sell the property for three months or for more than we paid for it. Well the heck with that - we're paying cash, if we buy it we own it, and of greatest importance, it is something we didn't agree to in the original agreement.
C'mon - I read most of the bafflegab agreement emailed to us on a little laptop - the Fannie Mae lawyer is probably rubber stamping dozens identical contracts every day - I expect her to know what she's agreeing to on Fannie's behalf.
Anyway, from my perspective, Fannie is being at least as sloppy as the banks - and I don't want to pay for it's mistakes.