Uncategorized | Sell My Short Sales

Archive for the ‘Uncategorized’ Category

Fannie & Freddie Suspend Foreclosures for Holidays

Posted by admin On December - 18 - 2009

Los Angeles, California:

Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season.

The suspension, announced Thursday by the government-controlled companies, runs from Saturday through Jan. 3. “No family should have to face the prospect of being evicted during the holiday season,” Michael Williams, Fannie Mae’s chief executive, said in a statement.

Earlier Thursday, Citigroup Inc. announced a 30-day suspension of foreclosures and evictions, affecting about 4,000 borrowers. Fannie and Freddie did not estimate how many homeowners would get this grace period.

Last winter, most major lenders suspended foreclosures while the Obama administration developed its $75 billion loan modification program. But foreclosures picked up again after those suspensions lifted.

Jeff Coga, said “I’m glad to hear that many families will at least have the opportunity of another Christmas at home. Most of the families have already endured so much agony, and now they can enjoy the Holidays with their friends, and family.”

Bernie Germani, a short sale investor in Southern California said “He personally knows of siutations where the homeowner was notified the foreclosure was postponed until further notice, and Bernie said some of these familes cried with joy that they could stay through the holidays.”

Written By Susan Park

Popularity: 54% [?]

Foreclosures, Uncategorized

Fannie’s New Foreclosure Program

Posted by admin On November - 25 - 2009

Fannie Mae announced a program aimed at helping ordinary home buyers compete with investors for foreclosed homes. We are not sure this is a right choice, because across the nation real estate investors have less than 10% foreclosure rate.

Under the program, dubbed First Look, Fannie plans to consider offers only from potential owner-occupants and certain public-housing entities during the first 15 days in which a foreclosed home is on the market.

Fannie and its main rival, Freddie Mac, are government-controlled companies that buy or guarantee home mortgages. They are among the biggest owners of foreclosed homes. As of Sept. 30, Fannie said it had 72,275 single-family foreclosed homes on its books. Freddie had 41,133 as of that date.

Bernie Germani said” many of us real estate investors can move faster on home purchases because we are able to pay cash and don’t have to wait to qualify for a loan and get an appraisal. Investors often turn the homes into rental units or resell them to other buyers for a quick profit. People seeking to take advantage of the drop in housing prices to buy their first homes have been grousing that they often lose bidding wars to investors.”

Fannie said it also would help owner-occupants acquire homes by reducing deposit requirements to as little as $500 and giving them a chance to renegotiate offers after appraisals. Such buyers also are to be allowed as many as 45 days to complete the transaction, up from the usual 30 days.

A Freddie spokesman said the company has similar pilot programs and is helping owner-occupants pay closing costs.

Fannie announced Tuesday that 4.72% of the single-family home loans it owns or guarantees were 90 days or more overdue in September, up from 4.45% in August and 1.72% in September 2008.

Jesus Yinh, and Susan Park, short sale investors in Southern California said ” We are not sure why Fannie would even consider this program. Us investors are the ones who are helping the economy not adding to the foreclosure challenges, but at the same time we welcome the competition of non-investors.”

Popularity: 19% [?]