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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. Fannie Mae foreclosures are properties that are currently under the possession of the Fannie Mae foreclosed homes program due to homeowners' failure to pay off loans purchased by Fannie Mae from the original lenders.
While HUD foreclosures are real government owned properties, foreclosures for sale by Fannie Mae have more in common with private REO properties. Buying Fannie Mae properties is a great investments for anybody - even people with bad credit can learn how to buy these properties.
Take advantage of our 7 Day Trial Special Offer and find daily listings of foreclosed homes in USA. 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.
From a story today at Housing Wire by Jacob Gaffney, we learn that the number of homes with mortgages owned by government sponsored entities (GSEs) Fannie Mae and Freddie Mac entering foreclosure is at an all-time high, and is still increasing. The increasing foreclosure rate may be attributed to borrowers falling out of government mortgage modification programs, or it could be an increase in strategic defaults, which are increasing rapidly amongst more expensive homes.  As home values continue to decline, we may see even more strategic defaults as underwater borrowers decide it is no longer worth it to pay the mortgage.
Apparently foreclosure rates amongst mortgages that are not owned by Fannie or Freddie have remained stable.  This discrepancy between foreclosure rates on agency and non-agency mortgages is not explained in the article.

In my opinion, the reason for the large foreclosure rate for Freddie Mac loans is they take too long to review for HAMP. Our 30-year fixed-rate mortgage is popular with people who want a stable loan where the monthly interest and principal payments are constant throughout the life of the loan. 15-year fixed-rate mortgages are good for higher income borrowers who wish to pay off their mortgage more quickly to save on interest payments.
The APR for 15- year conventional fixed-rate mortgage loan amounts is calculated using a loan amount of $417,000, two points, a $495 application fee, $799 underwriting fee. Jumbo mortgage loans are often necessary for higher-priced homes that have mortgages that surpass Fannie Mae, Freddie Mac, or the FHA’s conforming loan limits.
FHA loans are popular with first-time homebuyers and those with good credit but without a lot of money for a down payment. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $799 underwriting fee. Adjustable rate mortgages are good for people who only intend to be in their house for the short term or those who plan to quickly pay off their mortgages. The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $417,000, two points, a $495 application fee, $799 underwriting fee. By refinancing your existing loan, your total finance charge may be higher over the life of the loan. There is more involved with these types of loans, such as: bids, inspections, draw schedules, etc. 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! As government sponsored financing agencies, freddie mac and fannie mae foreclosed homes are priced lower than other properties typically sold at auction or on the foreclosure market. As the economic recession has settled in however, the government has assumed more control over these sponsored agencies through the current government issued bailouts.

Fannie Mae loans are designed to help people with less than perfect credit invest in these great properties with an affordable home loan from their own lending program. He has completed hundreds of 203(k)s as a Loan Officer and published numerous articles on the subject . According to a study by Lender Processing Services cited by the article, the rate foreclosure starts are increasing by is the fastest pace yet. All rates shown are for 30-day rate locks with two points for an owner-occupied primary residence unless otherwise noted. All interest rates listed are for qualified applicants with 740 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. 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.
In an effort to protect the real estate market from declining any more than it has, all offers are being considered and foreclosures are selling at deep discounts. The properties available are located countrywide and their high quality construction combined with their super low prices make them highly sought after by homebuyers.
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 fannie mae foreclosure property will become more valuable as the market regains strength and home values begin to rise. 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.
We had to start the process all over again because they clear their files out every 60 days. If you would like to visit the Fannie Mae HomePath website and view their current list of foreclosed homes available in Michigan, CLICK HERE. Four months later, another phone call telling us we didn’t qualify for HAMP but they would try and put us in another program. We followed their rules and the rep told us to make more money and then we would qualify for these programs.

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