Appliance Discount of up to 30% name brand appliances.Closing cost assistance up to a 3.5% of the purchase price (must be requested in initial offer).Comprehensive 2 year Home Warranty paid for by Freddie Mac.
FREDDIE MAC FANNIE MAE FORECLOSURES MAC
Click here for a list of HomePath Renovation Mortgage lenders.įreddie Mac HomeSteps SmartBuy Program (for initial offers received by Octoand closed by December 31, 2009)
FREDDIE MAC FANNIE MAE FORECLOSURES HOW TO
The information on how to access the webinar will be added to this blog post as soon as it is scheduled.Fannie Mae and Freddie Mac Offer Incentives to Buy Their Foreclosed Homes and PropertiesĪccording to this New York Times article, Help From Fannie and Freddie for Foreclosed Homes, Fannie Mae and Freddie Mac are currently offering fairly attractive incentives for buyers who purchase their foreclosed properties. Regulated mortgage entities must stay alert to what may become fast-changing guidance in this area – guidance that will likely have profound business, operational, and regulatory implications.īradley will be discussing this new guidance by HUD and FHFA in an upcoming webinar. Mortgagees with a mortgage portfolio including FHA-insured Single Family forward or reverse mortgages should immediately begin work to suspend foreclosures and evictions as required by Mortgagee Letter 2020-04.Īlthough many mortgage companies and portfolios are not directly covered by the HUD letter, additional government announcements may be forthcoming. FHFA also reminded borrowers who are having difficulties paying their mortgage that they should contact their mortgage servicers to discuss options to keep their mortgage current. In conjunction with HUD’s announcement, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the “enterprises”) to suspend foreclosures and evictions for at least 60 days for all enterprise-backed single-family mortgages. Kathleen Kraninger, director of the Consumer Financial Protection Bureau, issued a statement commending HUD’s action and expressing support for “appropriate flexibilities” to benefit consumers. The mortgagee letter also provides a 60-day extension to the deadlines of the first legal action and reasonable diligence timelines.
The moratorium announced in the mortgagee letter requires mortgagees to comply with the following on properties secured by an FHA-insured Single Family mortgage: The president’s announcement to suspend evictions and foreclosures is similar to the eviction and foreclosure moratoriums already implemented by a number of states and large municipalities, including New York, California, Denver, and San Antonio.įollowing the president’s announcement, HUD released Mortgagee Letter 2020-04, which imposes a 60-day moratorium on evictions and foreclosures for all FHA-insured Title II Single Family forward and reverse mortgages. During a COVID-19 press briefing at the White House on March 18, 2020, President Donald Trump announced that the Department of Housing and Urban Development (HUD) will temporarily suspend “all foreclosures and evictions.” The president made this announcement to provide “immediate relief” to homeowners and renters struggling to make rent and mortgage payments.
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