why does fannie mae sell house without title?

Asked by Hancy, Seattle, WA Wed Jun 29, 2011

I try to buy REO owned house in fannie mae. However, this house owned by GMAC and fannie mae sell me. Problem comes at closing. Fannie mae failed to transfer deed from GMAC. And escrow agent contact to GMAC to ask when they transfer deed to fannie mae. GMAC agent said that "warrant deed is on hold until futhur review by management" and they cannot give a timeline. I do not know what is going on between fannie mae and GMAC. and we can not guess how long it will take to solve this problem. Any guesses and answer????

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Wed Jun 29, 2011
Sounds like GMAC may be reviewing to make sure proper foreclosure proceedings occurred. A friend of mine had a similar issue buying a home from HSBC - see http://www.trulia.com/voices/Home_Buying/Is_anyone_involved_… for the details. It worked out for them, hope it works out for you.
1 vote
Ruby Foote, Agent, San Jose, CA
Thu Nov 1, 2012
Hello Hancy, Did your GMAC/Fannie Mae title issue get resolved? Do you know what caused the delay? I am currently in the same situation with a client and cannot get anyone to give me a firm answer. We are now 32 days past closing!! Thank you
0 votes
Whodoneit, Home Owner, Nevada
Fri Feb 3, 2012
In Nevada BofA (the "lender") allegedly transferred title to Fannie Mae but used Recontrust's address in Simi Valley.. How about the rest of you all?
0 votes
Kevin Lisota, Agent, Seattle, WA
Sun Jul 31, 2011
I can't answer for sure, without knowing more about it, but since it is Fannie Mae, I can venture a guess.

Fannie Mae doesn't make the original loan, not do they service a loan, but they do purchase the debt from the bank that originated the loan. I am guessing that is GMAC.

In a foreclosure, the deed of trust held by GMAC needs to be transferred to Fannie Mae in a legal document for them to foreclose on it. It could take a few days or weeks to get it approved, but with closer scrutiny on foreclosure proceedings, it could take longer. Hard to say.
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