The Federal Home Loan Mortgage Corporation (FHLMC), also known as Freddie Mac, is a government-sponsored corporation that buys and sells mortgages, providing liquidity to the housing market. Delinquent mortgages guaranteed or owned by Freddie Mac may qualify for a short sale under the Home Affordable Foreclosure Alternatives (HAFA) initiative if the borrower meets eligibility requirements.
The Basics
Short sale transactions involve selling a home for less than the balance owed on the mortgage or combined liens. The mortgage lender and any other lienholders agree to settle the debt and allow the property title to transfer to a buyer, rather than foreclose on the mortgage.
The federal government implemented HAFA in an effort to streamline the short sale process among lenders and loan servicing companies, thereby reducing the number of foreclosures. Freddie Mac servicers must offer eligible borrowers the opportunity to short sale starting no later than August 1, 2010. The program expires on December 31, 2012.
Borrower Requirements
Borrowers must be at least 60 days late on their Freddie Mac mortgage payment to qualify. Their cash reserves may not exceed the greater of $5,000 or three times their monthly mortgage payment. As part of the Making Home Affordable Program, HAFA requires the borrower first be considered for the Home Affordable Modification Program and any of Freddie Mac's other home retention options before he can qualify for a short sale. The borrower may opt for short sale after he is determined to be eligibile for a loan modification or does not complete or is declined a loan modification.
Mortgage Eligibility
The mortgage must be owned, securitized or guaranteed by Freddie Mac and be a first mortgage, as opposed to a subordinate or second mortgage. Only loans originated on or before January 1, 2009 qualify for HAFA. The property securing the mortgage must be one to four units in size, and must be residential and owner-occupied. The home must be occupied at the time of short sale. Vacant, abandoned or condemned homes do not qualify for a HAFA short sale.
Considerations
If the borrower is unable to short sale the home within the time period granted by Freddie Mac, the borrower has the option to voluntarily transfer ownership to the lender in a transaction known as a deed in lieu of foreclosure. Borrowers actively paying their mortgage through a trial modification, or being evaluated for a Freddie Mac short payoff -- a loss mitigation option -- are ineligible for a HAFA short sale. Borrowers must meet income requirements and demonstrate an inability to repay their loan.
Fannie Mae and Freddie Mac Change Their Short Sales and
www.chicagorelaw.com/...freddie-mac-change-their-short-sales...policyFrom our friends at NAR: Fannie Mae and Freddie Mac, the Government Sponsored Enterprises (GSEs), announced changes to their Standard Short Sale and HAFA guidelines ...
Freddie Mac Home
www.freddiemac.comSingle-Family Properties for Sale Contact Us Careers Main PageFreddie Mac works with mortgage lenders to help people get lower housing costs and better access to home financing. Site contains news, products, services and ...
Freddie Mac Standard Short Sale
www.freddiemac.com/singlefamily/service/docs/Short_Sale_Fact_Sheet... PDF fileFreddie Mac Standard Short Sale Standardizes and expedites the short sale process, offering Servicers a more efficient workout option for struggling
HomeSteps.com Freddie Mac Real Estate Freddie Mac Homes
www.homesteps.comFeature Search Special Offers HomebuyersHomeSteps.com is the official REO home search of Freddie Mac. Find Freddie Mac homes for sale and Freddie Mac foreclosures listings on HomeSteps.com.
Freddie Mac Amends Short Sale Affidavit Policy realtor.org
www.realtor.org/topics/short-sales/freddie-mac-amends-short-sale...More Like This. And the Top Mortgage Servicers Are... Shadow Inventories Now a Vanishing...
Freddie Mac Guidelines - Rules and Regulations
www.mortgagecurrentcy.com/a/Freddie-MacInterpreting Fannie Mae - Freddie Mac FHA - VA - Compliance - Rules & Guidelines for: Loan Officers: Underwriters: Processors: Company Owners & Managers
Fannie Mae and Freddie Mac New Guidelines
ezinearticles.com Real Estate CondominiumsOct 08, 2009 Fannie Mae and Freddie Mac make it harder for home buyers and real estate investors with mortgages on Condos. It's hard to really understand why these ...
Freddie Mac Updates Servicing Requirements AllRegs - AllRegs ...
solutions.allregs.com/freddie-mac-updates-servicing-requirementsFreddie Mac recently issued two updates to its servicing guidelines: Bulletin 2013-3 on February 13, 2012, and Bulletin 2013-6: on April 15, 2013.
Freddie Mac - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/Freddie_MacThe Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, is a public government-sponsored enterprise (GSE), headquartered in the Tyson's Corner
New Short Sale Guidelines Will Help Underwater Borrowers
www.realtytrac.com/.../new-short-sale-guidelines-will...borrowers-7379For the 12 million underwater borrowers facing financial distress and possibly foreclosure, the Federal Housing Finance Agency has released new guidelines for Fannie ...
Fannie Mae And Freddie Mac, Short-Term Trade Or Deep Value ...
seekingalpha.com/article/1298301-fannie-mae-and-freddie-mac-short...As a self-styled Warren Buffett / Benjamin Graham disciple and true value investor, I usually stay far away from short-term trading and speculative plays. But every ...
Loan Look-up Tool - Freddie Mac
https://ww3.freddiemac.com/corporateSupport Information. If you are having difficulty paying your mortgage on time, your lender (also referred to as a mortgage servicer) should be your first call for ...
Freddie Mac - The New York Times - Breaking News, World News ...
topics.nytimes.com Business CompaniesNews about Freddie Mac, including commentary and archival articles published in The New York Times.
Short sale listings must have five days in MLS
www.floridarealtors.org/NewsAndEvents/article.cfm?id=293781WASHINGTON July 9, 2013 Fannie Mae recently announced requirements for Fannie Mae short sales listed in a multiple listing service (MLS).
More Sellers to Qualify for HAFA Short Sales after 6/1/12 Loss ...
ctlms.myproptrackr.com/2012/...qualify-for-hafa-short-sales-after-6112More Sellers to Qualify for HAFA Short Sales after 6/1/12. Posted on 30. Apr, 2012 by ctlms in Foreclosures, My Blog, Real Estate, Short Sale
New rules will speed up short sales - Apr. 19, 2012
money.cnn.com/2012/04/19/real_estate/short-sales/index.htmApr 19, 2012 The Federal Housing Finance Agency laid out new rules aimed at speeding up the short sale process, a move that could keep many homes from falling
FEDERAL HOUSING FINANCE AGENCY
www.fhfa.gov/webfiles/23887/Short_Sales_release_041712.pdf PDF fileFEDERAL HOUSING FINANCE AGENCY NEWS RELEASE For Immediate Release Contact: Corinne Russell (202) 649-3032 April 17, Stefanie 201 2 Johnson (202) 649-3030
Quality Control Guidelines Summarized For Fannie Mae, Freddie Mac ...
ezinearticles.com Finance Home Equity LoansNov 16, 2009 Many investors and agencies, such as Fannie Mae, Freddie Mac, and FHA, require its lenders to have an active quality control plan in place. The reasoning ...
SECTION 6 FANNIE MAE / FREDDIE MAC HAFA
www.ownsandiegorealestate.com/.../HAFA-Fannie-Mae-and-Freddie-Mac... PDF file53 SECTION 6 FANNIE MAE / FREDDIE MAC HAFA . Background on Fannie Mae and Freddie Mac Fannie Mae and Freddie Mac are government-sponsored ...
Appraisal Institute - Appraiser News Online
www.appraisalinstitute.org/ano/current.aspx?volume=14&numbr=11/12Appraiser News Online past issues. ... Fed Hints at Reduced Bond Buying The Federal Reserve announced June 19 that it would continue its ...
Freddie Mac Foreclosures Federal Home Loan Mortgage
www.foreclosuredeals.com/freddie-mac-foreclosuresFinding Freddie Mac foreclosures is Easy! Daily updated listings of Freddie Mac homes for sale. Over 1.5 million properties starting at $10,000.00! CLICK & SAVE!
Short Sales Texas - Learn All About Short Sales in Texas
www.shortsalestexas.netCompleting a Texas Short Sale is one of the most difficult transactions in all of Texas real estate. It is important to know that the company and Texas Realtors you ...
0 komentar:
Posting Komentar