Jun 282013
 
Awad Family Picture

The Awad Family

Sign the petition demanding Fannie Mae stop the eviction of the Awad family

http://start2.occupyourhomes.org/petitions/stop-thewrongful-eviction-of-the-awad-family-by-fannie-mae

The Awad family faces an unjust eviction by Fannie Mae after Monday, July 1, 2013. They were victims of mortgage fraud and theft from day one.  In 2008, Mrs. Awad believed she was getting a mortgage to purchase a home. But her name was never put on the mortgage, only on a quit claim deed. The Awads made timely payments on the mortgage for years, until their payments were refused because the mortgage was placed in bankruptcy by the named mortgagor.  The Awads did not find out until after the foreclosure redemption period had expired that they were not a party to the mortgage. The Awads discovered that the years of payments they made meant nothing and the bank refused to even talk to them, despite cashing their checks for years.

The Michigan courts ruled in favor of the banks and found that the Awads had to raise the fraud before redemption period ended, even if the knowledge of the fraud occurred later. It did not matter that the bank cashed a check every month from Mr. and Mrs. Awad.

The Awads have tried to get their home back from Fannie Mae, a government-owned corporation. Fannie Mae refused their offer to match the $234,000 that Fannie Mae paid at the sheriff’s sale.  The Awads then offered the full amount of the loan, $280,000 and Fannie Mae again refused!

In January 2013, Fannie Mae asked for almost $345,000,  an amount considerably more than the fair market value of the house.  The Awads were surprised, to say the least, and asked for a review and a more reasonable price. Taxpayer-owned Fannie Mae even ignored the $350,000 mortgage approval that was offered for a home that cost $234,000 at auction.

Fannie Mae and Freddie Mac package millions of mortgages purchased from banks and other mortgage lenders into mortgage-backed securities (MBS). The banks then become loan servicers, collecting the monthly payments and passing them along to Fannie and Freddie for a small fee. Fannie and Freddie then guarantee full payments to investors if the loans go bad. The bank loses nothing. In 2008, Fannie Mae and Freddie Mac were taken over by the Federal government and put under the control of the Federal Housing Finance Agency (FHFA).  They were ultimately bailed out with $188 billion from taxpayers.

As Mrs. Awad stated in a letter to Senator Debbie Stabenow, “The current offer for $350,000.00 is not only above the market value and the mortgage amount, but a purchase at this price would save the government-owned Fannie Mae taxpayer dollars, and help keep a neighborhood stabilized by not having another vacant, foreclosed home.

“I don’t think it is fair that people pay money to seek help from the government who is supposed to help them for free not to make a profit from them.  We are seeking emergency intervention as we have children who should not be uprooted especially when we are willing to pay above the mortgage amount for the home.”

Help the Awads now by calling Fannie Mae and asking that it stop the eviction of the Awad family and negotiate a fair purchase price.

Home address:

21931 BEECHCREST ST.
DEARBORN HEIGHTS, MICHIGAN 48127

LOAN INFO: Fannie Mae [GMAC servicer, acct # 060188936]

New numbers to try: Timothy J Mayopoulos, CEO,Fannie Mae, +1 202-752-7000 (and +1 877-753-0562?)

Other Fannie Mae contact info:

Fannie Mae Chicago Office: (312) 368-6200

Fannie Mae Mortgage Help Center: 866-442-8572

Email: chicago_mhc@fanniemae.com

Note: You may be told by a Fannie Mae representative to call Orlans and Associates (248-502-1387), the legal firm handling the eviction from Fanny Mae.  Please respond by first pointing out that Fannie Mae is in charge, is the paymaster, and is the one to call off the eviction.  Then call Orlans, if you can.

 June 28, 2013  Posted by at 12:36 am Uncategorized Tagged with: , , , ,  Add comments

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