Fannie Mae and Freddie Mac Suspend Foreclosure Evictions During Holiday Season

December 14, 2010 By

Freddie Mac ForeclosureIt’s that time of year again—the holiday season. And, with the holiday season comes some kindness from Fannie Mae and Freddie Mac.

Just as they did in 2009, Fannie Mae will suspend foreclosure evictions from December 20, 2010 through January 3, 2011.

As reported by HousingWire, this government-sponsored enterprise routinely halts the foreclosure process during the holiday season. Fannie Mae holds $798 billion dollars worth of delinquent loans as of October of this year.

“Consistent with our practice in previous years, families will not be evicted from their homes during the holiday season,” Fannie Mae said in an e-mailed statement.

Freddie Mac made a similar announcement earlier in the month.

Filed Under: Fannie Mae, foreclosures, freddie mac, In the News, Short Sale Tips

Who are the Real Crooks? Freddie Mac or Real Estate Investors?

September 24, 2010 By

The question is: Who are the Real Crooks? Freddie Mac or Real Estate Investors? Aren’t you sick of finding that our hard earned tax dollars are working against us? Well if you haven’t noticed, then you better pay attention because Freddie Mac is doing everything they can to stop creative real estate as we know it! Listen in to this week’s Friday Coffee Break as I cover who is taking our tax money and stuffing it up our a$$, the best way to sell your equitable interest in a property without having to do a double close, whether or not you need a license to collect a fee from a buyer when doing their short sale work. We also cover the “truth behind the scenes” about why Bank of America is over valuing over debted properties and declining our Fair Market Value offers on short sales. Plus how our “buy and resell transactions” are changing and what you need to do to stay out of trouble and more. Visitwww.fridaycoffeebreak.com for more real estate videos from Patrick Precourt and North Shore Enterprises!

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Filed Under: bank of america, Business, equitable interest, foreclosure, freddie mac, friday coffee break, fridaycoffebreak, Industry Changes, Investment, Preforeclosure, Real Estate, short sale, Short Sales, tax dollars, taxing

HAFA Short Sale Program with Freddie Mac – Latest News

September 18, 2010 By

HAFA Short Sale Program with Freddie Mac – Latest News

Short Sales with Freddie MacThe (HAFA) Home Affordable Foreclosure Alternatives Short Sale Program is a program that came out through our U.S. Government and was originally noted in the American Recovery and Reinvestment Act, the ‘stimulus’ package that was all over the news in March, 2009.

However, while the HAFA Program was mentioned in the stimulus package, more information did not become available some eleven months later. In April of this year, the HAFA Program began. The most well-known benefits of this program include a $3000.00 incentive at closing to homeowners who participate in the program. Additionally, if borrowers qualify for the program, then the short sale will relieve the borrower of any future liability for the unpaid loan balance.

It is interesting to note that not all investors participate in this program. However, effective August 1, 2010, Fannie Mae and Freddie Mac do participate in the HAFA Program. While their version of the program does have some slightly different guidelines, the goals of their programs are generally the same.

One important change that Freddie Mac made to their HAFA Program is that borrowers cannot participate in this program if they are already in a HAMP Loan Modification Trial Period, if they are performing a HAMP modification, or if they are already being reviewed for a Freddie Mac short payoff.

With these other HAFA Programs, we have been able to get many short sale sellers qualified even after they have attempted a loan modification, during the trial period or after short sale submission. The fact that Freddie Mac is not allowing those individuals to participate will disappoint many borrowers.

Before you look over the fact sheet, you may be wondering how to determine if you have a Freddie Mac loan. Well, click on the hyperlink in the previous sentence and all of you questions will be answered!
Freddie Mac HAFA Bulletin Fact Sheet (June 2010)

Filed Under: freddie mac, HAFA program, In the News, Short Sale Tips

Are Short Sale Flips Illegal? Freddie Mac May Think So!

April 30, 2010 By

On this week’s Friday Coffee Break Patrick Precourt digs into the latest Freddie Mac article that states that flipping short sales is fraud! If you are investing in short sale properties or planning on it you will not want to miss this week’s Friday Coffee Break! Does this article mean that our short sale investing careers are over or it just another “blown out of proportion” Enquirer type printing? Listen in as we cover this hot topic and also how to correct write a contract so a short sale lender doesn’t ask you for your LLC’s Articles of Incorporation, where our “investor opportunity” is in the new HAFA program, how the IRS treats forgiven debt, and much more. Visit www.FridayCoffeeBreak.com for more real estate specific videos.

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Filed Under: Business, foreclosure, freddie, freddie mac, fridaycoffebreak, Investment, mac, north shore enterprises, patrick precourt, Preforeclosure, proptrackr, Real Estate, sale, short, Short Sales