Got the call yesterday from the company assigned to helping Chrisley figure out the mess they have themselves and most of thier agents in.....The rep said they "do not have enough money to cover the liabilities to the brokers"....Wow, no #&$* sherlock......But they will send me a letter with the outcome to all of this in the next couple of months.....You mean when you are actually going to be upfront and tell me I will not be getting my money back? What a bunch of slobs.....The rep also admitted to the fact that Fannie did indeed pay Chrisley for all of our bills......Incredible!.
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Fannie Mae, once again proving that they are a class act has stepped up and paid the brokers owed by Chrisley. Fannie has again shown that they are the kind of people we want to do business with. While they could have refused to pay, and most likely gotten away with it, they chose to do the right thing. Kudos to them...
We try to be the professional REO agent we are, but to worry about reimbursements is wrong. I'm seeing commissions being reduced to the point of working for free. Banks are looking for agents and buyers to foot their cost of foreclosure. Buyers paying fees to buy, this isn't a good trend. I'm turning down business that is doing this. I'd like to see more agents follow this lead.
Your right, Fannie is going to pay once again!
This is nothing new! I actually had a big run in with these people. They still have thousands of dollars of my money. Then I contacted FNMA about them and guess what CAM did....They FIRED ME! Still do not have my money and I almost got black balled from FNMA. This is what happens when you deal with these kind of companies. They started out amazing then when the market shifted they did not. I am not surprised. I wish them the best in their endeavors.
Now, maybe I'm missing something here, but as contractors for Chrisley, wouldn't you guys be considered SUB contractors for Fannie?? Can't you go after Fannie directly (in theory) for money you were NOT paid...
OH MY, Chrisley was always considered top notch, sorry to hear you are out of luck with them John. Thank goodness the person who called you gave you the straight scoop, that is good, at least they did not talk around the situation. I have to disagree with you that Fannie is responsible for them. I am now coming to close my last Fannie with an outsourcer, the last one I have. Fannie hires these firms, the firm is responsible for providing a product to Fannie, to try to reach back to Fannie to get covered, it going a bit to far I think. Fannie has always been good to me.
Frank I appreciate your thoughts, but if you were on the end of getting you shafted, trust me, your outlook would be much different!
Chrisley has always been difficult to get reimbursements from. We had some that took over a year after closing to collect. The information that we received is that eventually we will all be made whole, but I personally am not planning on it.
Hey John,
I just got off the phone with a very reliable source from Chrisley who tells me they have filled for bankruptcy protection. I don't know if you have followed the "proper" procedures to be listed as one of their creditors and, I don't have any real way of verifing what I have been told but, I hope this helps in some sort of way.
The whole thing is a joke. The fact that Fannie won't back us up is incredible. They hired these morons they should be responsible for them. There is no money even if I am at the top of the creditors list. I was told by my inside source at Chrisley that there are brokers owed $20,000 plus.....
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