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DENVER (AP) — Mortgage-finance giant Fannie Mae has cut ties with Colorado’s two largest foreclosure law firms. The Denver Post reported Saturday that the Federal Home Loan Mortgage Corp., known as Freddie Mac, is also reviewing the possible need to take similar action. Fannie Mae spokeswoman Keosha Burns in a statement says existing foreclosure cases at Aronowitz & Mecklenburg and the Castle Law Group will be transferred to other firms. Suthers’ inquiry into five law firms began last year and is focused primarily on bill padding. If you have been thinking about buying a foreclosure to save big money on your next home or to locate a possible investment home, but you’re not quite sure where to start, the easiest place might be the website of the largest mortgage investor in America, Fannie Mae.
There are many services out there trying to charge money for this information, but all of the most up to date information for all HomePath homes can be found at their website. Amidst reports that Fannie Mae has actually been encouraging foreclosures rather than loan modifications, Michigan state officials are suing Fannie Mae. It will be interesting to watch this lawsuit unfold and to see if other states will follow suit.
This underscores how important it is for those that want to stay in their home to not rely merely on free government programs to get a loan modification. The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Nationally Recognized Home Renovation Financing Expert, Educator And SpeakerSkip Schenker is an industry expert in FHA 203(k) lending. Enter your email address to subscribe to this blog and receive notifications of new posts by email.
A consortium of industry professionals commmitted to the revitalization of our nation’s housing stock and creating sustainable homeownership. Dan Green is a mortgage market expert, providing over 11 years of direct-to-consumer advice. Following a similar change with FHA mortgage loans, mortgage-backer Fannie Mae has reduced the mandatory waiting period to make a mortgage application after a bankruptcy, short sale, or pre-foreclosure. Borrowers can now re-apply for a loan just two years after a bankruptcy, short sale, or pre-foreclosure. Fannie Mae is the most recent publisher of mortgage guidelines to help borrowers with a history of poor credit because of bankruptcy, short sale, and pre-foreclosure. Recently, Fannie Mae changed its mortgage rules for borrowers with a recent bankruptcy, pre-foreclosure, or short sale. The change nearly mirrors a similar update from the FHA as part of that group's Back to Work program.
Via FHA Back to Work, certain mortgage borrowers are eligible to apply for a loan just 12 months after a significant derogatory event. However, just because you qualify for a conventional mortgage via Fannie Mae doesn't necessarily mean it's the best loan for you. If you've had a significant credit event, then, it's important to compare conventional mortgage rate quotes against FHA mortgage rates to make sure you're getting "the best deal". Fannie Mae has reduced its mandatory waiting period after a pre-foreclosure, short sale, or bankruptcy.


Prior to the change, Fannie Mae required borrowers to wait four years after a significant derogatory credit event before re-applying for a home loan. The table below compares Fannie Mae prior policy against its current one; and against the FHA Back to Work program which may be more suitable for borrowers with less available downpayment.
The label of "extenuating circumstances" may also be applied to situations in which a borrower is subject to a catastrophic increase in financial obligations. Mortgage applicants wishing to apply for a loan using Fannie Mae's Extenuating Circumstances program should be prepared to provide documentation in support of the claim.
Borrowers should also be prepared to write a brief letter describing the hardship and how it directly led to the bankruptcy, pre-foreclosure, or short sale. Borrowers should also make it clear that the derogatory event was a one-time event, and that financial obligations have been paid on-time in the months since. Along with softening mortgage guidelines, today's mortgage rates are making it easier to get mortgage-qualified. This is because low mortgage rates lower a mortgage applicant's expected monthly payment, which, in turn, reduces its debt-to-income ratio. Extra purchasing power can also mean the difference between buying in a top-rated school district and a second-tier one.
And, now, with Fannie Mae's looser mortgage guidelines, more mortgage applicants can qualify for home loan financing. Mortgage lenders have loosening mortgage guidelines, so it's easier to get mortgage-approved. The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products. Please contact our support if you are suspicious of any fraudulent activities or have any questions. We are not affiliated with the US Government, US Armed Forces or Department of Veteran Affairs.US Government agencies have not reviewed this information and this site is not connected with any government agency. Burns also says mortgage servicers have been instructed to stop referring new cases to the firms. Both firms have consistently denied any allegations in an ongoing investigation by Colorado Attorney General John Suthers.
Fannie Mae’s HomePath website is the companies official portal to the public and investors alike for their entire inventory of available mortgage foreclosed homes in Michigan and across the United States.
If you are planning to buy a Fannie Mae foreclosure, you will need to enlist the services of a real estate agent licensed in the state of Michigan. Despite the fact that the Obama Administration is supposed to be supporting homeowners who wish to be able to stay in their homes, this practice is being conducted by Fannie Mae. This impending flood is described by some as a “dam that’s ready to break”, which is not an unfamiliar concept in the market today. Contact Amerihope Alliance today to work with someone who will agressively negotiate affordable payments on your mortgage and defend your home from foreclosure! He has completed hundreds of 203(k)s as a Loan Officer and published numerous articles on the subject .


This is one year longer than the FHA's minimum waiting period via the FHA Back to Work program, and a major improvement for conventional mortgage borrowers nationwide. The group has reduced its mandatory waiting period after such an event from four years to 2 years.
Significant derogatory events can affect a person's credit score by 100 points or more, and conventional mortgage rates change for borrowers with generally-low scores. Fannie Mae loans typically require 5 percent down or more (although 3% down payment programs exist).
The letter should make it clear that default was the borrower's only reasonable course of action, given the circumstances. Your social security number is not required to get started, and all quotes come with access to your live mortgage credit scores. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.
The views and opinions expressed herein are those of the respective authors and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates. We do not directly offer mortgages, accept applications or approve loans but we work with partners who do. Interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes.
If you would like to find out more information about your benefits, please visit the Official US Government website for the Department of Veteran Affairs or the US Department of Housing and Urban Development. The site offers pictures, descriptions, and details of each available home and allows the user to narrow their search to show only homes in certain areas or that meet certain criteria such as number of bedrooms, bathrooms, or square feet of living area. Michigan has experienced every major economic crisis in the past thirty (30) years and is now witnessing acres of abandoned homes, many of which are selling for pennies on the dollar. Experts at the Iowa Legal Aid Foreclosure Defense Fund report the number of foreclosure assistance cases they handle is up significantly for August so far, and the rest of the year appears to be on the same trend.
The consumer should consult a tax adviser regarding the deductibility of interest and charges. The site is a useful tool to use to narrow your search to find a deal on the type of home you are looking for. Any connected advertisements do not imply affiliation or endorsement by any government agency. If you are looking for a real bargain, it might be beneficial to check their website every morning or even multiple times per day as sometimes, great bargains will appear, and be sold by the time your agent is able to submit your offer. For this reason, it would be helpful to have an agent with plenty of experience with Fannie Mae HomePath transactions, as well as one who is easy to get ahold of at any time of the day, and who will work with you to show you the home and submit your offer quickly when the right deal comes around.
If you would like to visit the Fannie Mae HomePath website and view their current list of foreclosed homes available in Michigan, CLICK HERE.



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