Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac are issuing new, clear guidelines to their mortgage servicers that will align and consolidate existing short sales programs into one standard short sale program.
S. Carolina Supreme Court: Non-attorneys can modify home loans When You Can Blame the Bank For Bad Decisions. As stated by the South Carolina Supreme Court:. a company’s loan agreement provided that a change in management would constitute an event of default if for any reason the lender considered that change to be adverse to their interests. The.
Here is a sample transaction. Bank of America approved a short sale in early 2012 and sent the package to Fannie Mae for review. Fannie Mae then rejected the short sale because the seller was still making the mortgage payment. So, the following month, the seller decided to not make a payment. Sixty days later, Fannie Mae approved the short sale.
Virginia woman gets five years in prison for short sale scams A McMinn County woman is charged with TennCare fraud in connection with selling. statement on the decision sentencing charline brandon to five years in prison.. WHEELING, WEST VIRGINIA – After an eight-day trial, Dr. Krishan Kumar.. Smuglin and Clemons are charged with Criminal Sale of a Prescription for a.
if Fannie Mae approves a short sale purchase offer, the servicer must suspend the foreclosure sale to allow the short sale to close as permitted under state or local law; and if a notice of trustee/sheriff sale has been recorded and the servicer is notified of borrower approval by the HFA, the servicer may postpone the foreclosure proceedings.
After a run on the bank. which failed in February, though both bids were unsuccessful, according to documents posted on the FDIC’s Web site. TD is understood to have made another attempt, for Colonial Bank, which failed last.
Back in July 2011, California issued a law prohibiting note holders from requiring a borrower to pay added compensation when the homeowner provides a written consent to a short sale. Despite the rule going live, the FHFA-OIG claims Fannie servicers collected borrower contributions on 124 short sales completed [.]
Conventional Fannie Mae/Freddie Mac: 2 yrs. with 5-20% DOWNPAYMENT with extenuating circumstance/Fannie Mae only 4 yrs. with 10% DOWNPAYMENT/Freddie Mac 7 yrs. if FORECLOSURE/both Fannie Mae and Freddie Mac. FHA: NO WAIT if no lates prior to short sale 1 yr. if acceptable hardship
Key Steps of a Fannie Mae Short Sale Our site outlines the five key steps of the Fannie Mae short sale process. On our site, agents can simply click on Steps 1-5 to see the key requirements associated with each step or to access our escalation tools. We encourage agents to follow the steps in order with their clients.
Real estate stocks set for S&P breakout BofI holding posts record quarterly net income BofI Holding, Inc. (NASDAQ: BOFI) ("BofI"), parent company of BofI Federal Bank (the "Bank"), today announced unaudited financial results for the fourth fiscal quarter ended june 30, 2018. Net income was $37.1 million, an increase of 14.0% over net income of $32.5 million for the quarter ended June 30, 2017. · Fourth-quarter earnings season confirmed investors’ fears that earnings and revenue growth for U.S. stocks are finally slowing. Analysts project that S&P.
WASHINGTON – The Trump administration has said more than once that it welcomes legislative reform to fundamentally restructure Fannie Mae and Freddie Mac. different paths to these goals under.