Tag Archives: Freddie

Fannie Mae And Freddie Mac Will Modify Loans – six Million Households Face Foreclosures – Loan Modifications To Reduce Foreclosure By April

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Pleasant Grove, Utah (PRWEB) March four, 2009

There is some very good news concerning loan modification, Fannie Mae and Freddie Mac will modify loans below Obama’s program. Though Loan Modification is a viable way to reduced your payments, beware of loan modification scams. FBI is conscious of this increasing dilemma of loan modification fraud, they have not been capable to act rapidly adequate to stave off the fraud wave.

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Against a backdrop of record-low new residence sales and ballooning losses from foreclosures, Housing Secretary Shaun Donovan told lawmakers Thursday that the lending industry is set to launch the Obama administration’s $ 75 billion foreclosure prevention plan next week. Donovan stated “we anticipate to see huge numbers of loan modifications take place really rapidly,” and hopes it would lead to foreclosure prices to drop as soon as April.

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Donovan said the plan will permit “borrowers with massive debts and unaffordable mortgages to have their property loans modified to reduce the monthly payment”, even if they are not in default. Borrowers who owe up to five percent far more than their home’s existing worth will be able to refinance, if their mortgages are held by mortgage finance firms Fannie Mae or Freddie Mac. At the very same time, loan modifications will be available for borrowers who owe up to 50 % much more than their home’s at present worth. Donovan stated “we expect to see massive numbers of modifications occur very rapidly,” and hopes it would cause foreclosure rates to drop as quickly as April.

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At the same time the “FBI is conscious of the developing difficulty of loan modification fraud”, they have not been capable to act swiftly enough to stave off the fraud wave. They report that they have over 1,500 mortgage fraud investigations more than the final month.

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Sean Walker CEO of HomeSaversUtah (http://HomeSaversUtah.com). and President of Good Neighbor Loans, LLC, (http://gnmloans.com), emphasized there are many factors which a homeowner ought to be conscious of when functioning with a loan modification firm.

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Upbeat Minnesota Foreclosed Residences, Fannie Mae, Freddie Mac Q3 Report Shows Progress In Stopping Foreclosures

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Minneapolis, Minnesota (PRWEB) January 05, 2013

The Minnesota Foreclosure Prevention Q3 report states, “There had been 4,451 foreclosures in Minnesota in Q3 of 2012, down 10 % from Q3 of 2011. Although Metro foreclosures (down 12%) saw a greater drop than Higher Minnesota (down 7%), the relative relief was widespread, with the prime 10 counties in foreclosure seeing declines, year-over-year”. Although declines in Minnesota house foreclosures reflect a statewide trend over 20011 – 2012, the number of foreclosed houses are nonetheless historically high, upwards of 300% higher than foreclosure totals in years prior to the housing crisis.

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Lenders, who have frequently resisted erasing mortgage debt, are now forgiving millions of dollars in house loans. The distinction indicated in the Foreclosure Prevention Report has come from government incentives, political pressure, and a $ 25 billion settlement amongst 5 major lenders and 49 attorneys basic. “Property owners, feeling ‘stuck’ unable to sell their residence before they can get a new one, are properly locked out of the housing market. Five years into the housing recession, theyre also more likely to think about the drastic move of walking away from their mortgage, adding to shadow inventory,” says Jenna Thuening, owner of Property Location.

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Highlights in the Minnesota Foreclosed Properties Q3 Report show powerful and steady progress&#13

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Twin Cities foreclosed residences in 2011 Q3 totaled 2,969&#13

Twin Cities foreclosed houses in 2011 Q3 totaled 2,615&#13

Twin Cities foreclosed houses down 11.9%&#13

31 counties reported far more foreclosed residences and 58 counties showed fewer foreclosed homes

Encouraging news released January three by the Federal Housing Finance Agency (FHFA) that Fannie Mae and Freddie Mac completed much more than 134,000 foreclosure prevention actions in the third quarter of 2012.

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Leading Points In TheFHFA Foreclosure Prevention Report:

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1) Year-to-date, Fannie Mae and Freddie Mac have helped property owners by facilitating roughly 411,000 foreclosure prevention actions.

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two) Almost 38,000 quick sales and deeds-in-lieu of foreclosure had been completed in Q3 of 2012, up 4 percent over Q2.

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three) 45 percent of struggling residence borrowers who received loan modifications in the third quarter reduced their monthly payment by over 30 %.

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four) Much more than a single-third of loan modifications completed in the third quarter integrated principal forbearance. NOTE: see explanation that principal forbearance is not the very same as principal reduction.

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five) The number of the Enterprises delinquent borrowers has declined 9 % since the beginning of 2012.

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six) REO inventory continued to decline as property dispositions outpaced house acquisitions in the course of the third quarter. An REO (Genuine Estate Owned) is a home that goes back to the mortgage firm right after an unsuccessful foreclosure auction and are typically in poor condition.

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To help stabilize the housing industry, proponents of principal reduction argue that each home owners and lenders are far better off avoiding those defaults. The recent National Mortgage Settlement between 49 states, numerous federal agencies and 5 big banks is hoping to market the practice by providing those lenders with incentives to reduce loan balances, says Thuening. Home Location sees the following techniques foreclosure prevention actions effect home owners:

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House Forfeiture Actions

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1) Brief Sales&#13

two) Deeds-In-Lieu of Foreclosure

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Home Retention Actions

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1) Forbearance Plans&#13

two) Repayment Plans&#13

3) Loan Modifications

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Calculated Threat explains what this term ‘principal forbearance’ actually means. What the FDIC apparently implies by ‘principal forbearance’ is not what most men and women think they mean by ‘principal reduction’. Nonetheless, with the principal, what the FDIC is performing is not forgiving principal but providing an interest-totally free forbearance of repayment of part of the principal. This indicates that the actual principal amount due and payable at maturity of the loan (or sale of the home) is the original unmodified principal quantity, much less any and all periodic principal payments the borrower makes until maturity or sale.

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Quick sales and deeds-in-lieu spare the home owners from the foreclosure method. Even so, they still have to leave their properties and that is traumatic for the homeowner. “The preferred outcome is to preserve property owners in their houses, if attainable, with a permanent principal reduction. Housing and Urban Development (HUD) Secretary Shaun Donovan mentioned his agency wants to encourage much more principal write-downs to keep people in their properties, even when those loans are backed by Fannie Mae and Freddie Mac,” according to a report in The Hill posted on March 4, 2012 titled Dems Raise Pressure on Fannie, Freddie Regulator to Create-down Mortgages. The Foreclosure Prevention Report for 2012 shows the dedicated efforts of Fannie Mae and Freddie Mac to that finish.

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Twin Cities homeowners may possibly get in touch with 612-396-7832 and ask for Property Destination’s assist to quit foreclosure and enjoy staying in your house.

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New Normal Brief Sale Suggestions for Fannie Mae and Freddie Mac Loans Beginning Nov. 1, 2012 Tends to make It Easy To Complete a Brief Sale. East Bay Property Owners to Benefit.

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Oakland, CA (PRWEB) October 12, 2012

How Short Sales Perform

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For East Bay Home Owners, going via with a quick sale typically causes a excellent deal of tension because it implies that a particular person can no longer afford a property in which they own. There are a couple of different approaches to get out of ones commitment to between the bank and the property, including bankruptcy or foreclosure, but several folks are now selecting quick sales because lenders have turn into far more open to them. A quick sale signifies selling a house for a reduce cost than owed on it and the lender agrees to waive this remaining quantity. If one particular is forced to unload ones house in a hurry, the ideal factor to do is find out as a lot as achievable about this process then get in touch with a nearby agent ahead of after the wise decision is created to.

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What it Means

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When a lender agrees to a short sale, it implies that it is accepting significantly less than what is due on the property. In some instances, it may well make far more sense to foreclose the house and try to resell it, whilst in other circumstances it makes far more sense to go by way of with a quick sale. The lender will agree to whichever methods gets it most of its funds back. In addition, one particular need to qualify for a brief sale just before the lender will even consider this proposition.

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The Method

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To start the brief sale approach simply get in touch with the lender/ servicer and speak with an individual who can make a decision on the matter. A letter of authorization will need to be submitted to the lender, so that the lender can look into ones private info to make certain that one particular is eligible for a quick sale. As with any form of asset and home management, the lender has to look at the borrowers monetary scenario ahead of coming to a conclusion. One should have a real estate agent supply a preliminary net sheet, which will give the lender an estimate of how significantly to expect to receive on the sale and, consequently, how short the amount received will finish up getting.

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Generating the Selection

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In the end, it is often a excellent concept to have the quick sale handled a l ocal actual estate agent nicely versed in short sales. Quick sales are only a excellent idea when this becomes definitely impossible due to significant earnings changes in ones life. These things do happen to individuals occasionally, so it is very good to know that an alternative is obtainable that can enable one particular to escape this burden under the correct circumstances.

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Beginning November 1st, 2012, these are the changes:

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Lenders will now streamlined quick sale strategy for borrowers most in need to have.

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Lenders will now have the energy to speedily and effortlessly qualify specific borrowers who are existing on their mortgages for brief sales:

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Lenders will waive the right to pursue deficiency judgments in exchange for a monetary contribution when a borrower has enough revenue or assets to make money contributions or sign promissory notes.

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Offer you special remedy for military personnel with Permanent Modify of&#13

Station (PCS) orders:

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Consolidate existing short sales programs into a single uniform system:&#13

Offer servicers and borrowers clarity on processing a quick sale when a&#13

Foreclosure sale is pending.&#13

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Fannie Mae and Freddie Mac will provide a maximum $ six,000 to second lien holders&#13
to expedite a short sale&#13

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“Shortsale”, “Quick Sale”, “Brief Sale Realtor”, “BofA Short Sale”, “Chase Short Sale”, “Wells Fargo”, “Brief Sale Realtor”, “Realtor”, “Oakland Brief Sale”, “Bay Region Brief Sale” &#13

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New Fannie Mae and Freddie Mac No Documentation (No-Doc) Loan Modification Tends to make It Achievable For Millions to Qualify For Mortgage Assistance

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San Francisco, CA (PRWEB) April 09, 2013

Beginning July 1, 2013, government owned entities Fannie Mae and Freddie Mac will let home owners who are behind on their payment by at least two months but not far more than 24 months to modify their loans with out any documentation necessary. This new fight fire, with fire technique essentially aids borrowers who supplied little to no documentation when they initially obtained the loan, the potential to receive a loan modification with no the red tape.

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Charles Lassey, an East Bay True Estate Broker with ACL Actual Estate and Property Management Says The major 800 pound gorilla in the area was trying to figure out a way that to assist the people who genuinely necessary the assist, the folks who barley provided any documentation when obtaining the loan all of a sudden have to prove something they clearly couldnt prove in the past unless they would have gotten a decrease interest or fixed rate loan then.

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Whilst this variety of no documentation loan modification makes lots of sense, this announcement should also be extended to brief sales. Following all, why are bank statements, earlier years tax return, hardship letters, and so on., needed to prove a present hardship to qualify for a short sale? Isnt the option to a brief sale or loan modification foreclosure? This is a great step in the appropriate path, ultimately.

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ACL Real Estate and House Management is a complete service East Bay Region Brokerage that specializes in Selling and Managing Single Loved ones/ Multi Household units. The Service Locations Incorporate but not restricted to: Alameda County, Contra Costa County, San Mateo County. Berkeley, Dublin, Livermore, Pleasanton, Oakland, Hayward, San Leandro, Castro Valley, Fremont, Sunnyvale, San Mateo, and several a lot more places.

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