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Military Homeowners To Get Short Sale Assistance

Short Sale Policy Information for Military Homeowners

Federal Housing Finance Agency (FHFA) acting director, Edward DeMarco, announced short sale policy changes for active-duty military homeowners.

With this new set of rules, military homeowners can now short sale their homes without having to take a loss. This means they will be free from any deficiency judgments— no cash contribution or promissory note at closing. Plus, they don’t have to default on their loans to qualify.

This policy applies to military homeowners with Permanent Change of Station (PCS) order whose mortgage is backed by Fannie Mae or Freddie Mac. Furthermore, the home must have been bought on or before June 30, 2012.

PCS orders usually require a quick move. This creates hardship for military homeowners who are underwater but couldn’t sell their homes without significant losses. FHFA developed this new policy to provide military homeowners with access to immediate and automatic full range of foreclosure alternatives.

Extending short sale assistance to men and women serving in the armed forces is in the best interest of everyone as they would be able to focus more in their duties to defend the country, rather than worry about the maintenance and leasing of a property in another jurisdiction.

Last year, PCS orders have been considered a qualified hardship for forbearance and loan modifications by Fannie and Freddie.

Other Articles to Read:

Why it is Important to Understand the Short Sale Process

3 mistakes to avoid when short selling your Gainesville home

Gainesville Short Sale Agents Rent To Buy Scheme

Determining if you have a Financial Hardship

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Is the Nation ready to lose Fannie Mae and Freddie Mac?

Is the Nation ready to lose Fannie Mae and Freddie Mac? Mortgage giants Fannie Mae and Freddie Mac fears total phase out as a federal housing regulator plans to scale them back, the same way as Obama’s administration pressures the taxpayer-backed companies to extend more support and assistance to homeowners.

The Federal Housing Finance Agency, which manages Fannie and Freddie has been planning to shut down the companies by increasing fees charged to borrowers who terminates mortgages. If the cost of receiving a taxpayer-backed mortgage rises, more borrowers will seek private lenders. In this case, loans are not backed by the government.

Obama’s administration intends to increase the government’s role and control in housing; this is in conflict with measures taken by Fannie and Freddie.

The administration has already released a white paper commanding for a gradual phase down of Fannie and Freddie a year ago, after its risky home loans cost taxpayers more than an astonishing $130 billion.

This is contrary to the White House’s request to Fannie and Freddie before, to take measures to help homeowners so as to raise home values, circulate cash in the economy and to generally help borrowers avoid losing their homes.

Government officials have asked both companies to reduce the debts owed by homeowners and to offer refinancing at lower interest rates. But these measures entail the companies to take new risks with the taxpayer money, this in turn will make the housing market more dependent on the government.

The FHFA, which regulates the firms in a legal arrangement known as conservatorship, has declined taking means that would burden Fannie and Freddie with more taxpayer losses.

Though wind-down is at hand for these two firms, Fannie and Freddie continues to receive requests to do more. This is now a challenge for FHFA as a conservator.

Fannie and Freddie are essential driving force in the $10 trillion housing finance market. They operate through a banking system which connects investors around the globe with Americans looking to buy homes. They have more than enough cash reserves available to fund mortgages, thus, allowing buyers to get affordable homes.

These companies, along with the Federal Housing Administration, have ruled over the housing market in the past four years. During that time, banks stopped lending due to the economic fall down.

The private market has not yet recuperated from the loss together with the rest of the economy. The risk to the taxpayers concerns the policymakers as the government takes its role in the large footprint in the mortgage market. Obama’s administration continues to make plans on restoring the housing financing, and will publish more of its details when available.

However, Rep. Scotty Garrett believes that the housing sector will continue to be a hindrance to the economy’s recovery until the current housing finance system is changed to a purely private market solution. He points out that the marketplace could suffer if Fannie and Freddie gets wind down.

But many disagreed. Top administration advisers and other economists stressed that the government must still play a significant role in the housing system.

The FHFA is now coming up with a new mortgage system and they also came up with an idea of pooling loans into bundles and selling them to investors. Moreover, they are studying what Fannie and Freddie can do to help decrease the foreclosure crisis of the nation while not increasing the taxpayer losses. This includes facilitating short sales and deeds-in-lieu.

Other Articles to Read:

Where will the mortgage settlement fund go?

Gainesville – Distressed Sales Still Depress Home Prices

Fast Gainesville Short Sale Approvals on Fannie Mae Loans

Gainesville – Short Sale Banks are Offering Incentives

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Fast Gainesville Short Sale Approvals on Fannie Mae Loans

Fast Gainesville Short Sale Approvals on Fannie Mae Loans Gainesville short sales are no longer easier said than done. Normally, before a Gainesville short sale on a home with a guaranteed loan can proceed, the approval of the mortgage insurance groups is a prerequisite. But now, Fannie Mae mortgage servicers have the means to expedite a short sale approval on Fannie Mae-backed loans as they have been given the power by five mortgage insurers to complete a short sale or deed in lieu of foreclosure without a separate approval from them.

The five mortgage insurers granting Fannie Mae the power to expedite short sales without their approval are the following: MGIC, Genworth, Republic Mortgage Insurance Co., Radian Guaranty, and the PMI Group, which filed for bankruptcy in November.

Fannie Mae entered into such agreement with these insurers as part of their endeavor to make the short sale process fast and increase completions of short sales.

Gainesville short sales significantly increased during the crisis. More and more homeowners on the brink of having their homes being foreclosed on are looking into short sales as an alternative. This significant change in the process of short sale approval will indeed benefit a lot of homeowners applying for a short sale.

Other Articles to Read:

Is the Nation ready to lose Fannie Mae and Freddie Mac?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

My Gainesville Short Sale Appraisal Came in Low, Now What?

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents