Real Estate Archives

Fannie Mae Endorses New Foreclosure Procedures

Fannie Mae Endorses New Foreclosure Procedures

Fannie Mae Endorses New Foreclosure Procedures-Image by futureatlas.com via Flickr

Fannie Mae fully endorses the Policy Outline for Dealing with Possible Foreclosure Process Deficiencies released today by the Federal Housing Finance Agency. These principles reinforce the directive issued by Fannie Mae last week, requiring our servicers to undertake a review of their policies and procedures relating to the execution of affidavits, verifications, and other legal documents in connection with the default process.

We continue to expect prompt execution of our directive. A servicer’s failure to comply with any provision of law, or any provision of our servicing requirements, constitutes a breach of the servicer’s contractual agreements with Fannie Mae. Our servicers are obligated to adhere to all legal requirements as part of the foreclosure process. They must inform us of and rectify any issues that may arise in this regard.

Fannie Mae recognizes that foreclosure is an extremely difficult experience for affected homeowners and we are working to ensure borrowers are treated fairly and respectfully.  Fannie Mae has halted foreclosures, evictions, and REO sale closings when necessary for a servicer to perform required remediation.  Our actions are intended to protect the rights of borrowers facing foreclosure, enable a fair and equitable legal process for all impacted parties and allow new homebuyers to close on their transactions in a timely manner.  These steps will also help ensure the proper functioning of the mortgage market overall so as to meet our goals of maintaining liquidity in the market and minimizing taxpayer exposure.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers.  Our job is to help those who house America.

GMAC Mortgage to Review Foreclosure Process

GMAC Mortgage to Review Foreclosure Process

GMAC Mortgage to Review Foreclosure Process-Image via Wikipedia

GMAC Mortgage is committed to preserving the integrity of the foreclosure process and in that spirit has engaged several leading legal and accounting firms to conduct independent reviews of its foreclosure procedures in each of the 50 states.

In addition, foreclosure sale files nationwide receive an additional review by a specialized team to ensure that: home preservation procedures have been fully followed; the timing and substance of the foreclosure is appropriate; and the file itself is in good order and complies with all laws and requirements of the state of jurisdiction.

Foreclosure is a very serious matter and only implemented when all other home preservation options have been fully exhausted.  We are taking these additional steps to restore confidence in the process, which is critical for the stability of the home and mortgage industry.

In addition to the nationwide measures, the review and remediation activities related to cases involving judicial affidavits in the 23 states continues and has been underway for approximately two months.  As each of those files is reviewed, and remediated when needed, the foreclosure process resumes.  GMAC Mortgage has found no evidence to date of any inappropriate foreclosures.

GMAC Mortgage is committed to working through this matter diligently and encourages borrowers with questions to contact a customer service representative at 866-304-4682 or loan.assist@gmacm.com.  Additional information can be found by visiting www.gmacmortgage.com.

Contacts:
Gina Proia
646-781-2692
gina.proia@ally.com

300 Foreclosures to be Auctioned

300 Foreclosures to be Auctioned

300 Foreclosures to be Auctioned-Image via Wikipedia

In this buyer’s market, where housing inventory runs high, foreclosures remain sought after properties because they can often be purchased at discounted prices.  Buyers particularly enjoy purchasing bank-owned homes through auction because the process is easy, streamlined and transparent. Hudson & Marshall will auction over 300 homes in the Minneapolis/St. Paul area and Milwaukee October 15th-17th.

All the homes up for auction come with an insurable title and no back taxes or liens. Buyers will be required to make a cash or certified check deposit of $2,500 for each property which they are the winning bidder.

“Because many foreclosed properties have been languishing on the market for several months to a year, by the time they reach the auction process, lenders are eager to quickly sell them,” remarked Dave Webb. “While there are always exceptions, on average foreclosed properties can be purchased 15%-20% below the home’s last list price,” added Webb.

According to RealtyTrac, in the second quarter of 2010 the average sales price of foreclosures that sold while in some stage of foreclosure was 26% less than the sales price of non-foreclosure properties. A total of 151,290 bank-owned properties sold to third parties in the second quarter of 2010.

All homes being auctioned by Hudson & Marshall are sold “as-is” and buyers should inspect properties before placing any bids. Properties can be viewed during the open house scheduled Saturday, October 9th and Sunday, October 10th from 1:00pm-3:00pm or by contacting listing agents to schedule appointments. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

Hudson & Marshall will auction the homes on the following dates:

October 15th – Minneapolis/St. Paul (100 homes) at 1:00pm-Minneapolis Airport Marriott

October 16th – Minneapolis/St. Paul (198 homes) at 11:00am-Minneapolis Airport Marriott

October 17th – Milwaukee (60 homes) at 1:00pm-Milwaukee Marriott West

Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 80,000 homes for sellers in the past ten years, Hudson & Marshall, Inc. is the most experienced, trusted leader in the REO auction industry. The company’s accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall’s total sales have topped $2.2 Billion and the company anticipates selling another 15,000 homes in 2010.

About Hudson & Marshall of Texas, Inc.

H&M is America’s Premier Auction Authority. Our 45-year history combined with our continued process enhancements have allowed us to become one of the largest and most respected real estate auction firms in the United States. H&M has set the standard as a full service auction company and continues to consistently raise the bar for our industry. Our number one priority is to provide top-quality service to our customers. Buyers know they can count on H&M to provide value and service from the initial property offering through the closing process. This same approach provides sellers with a one stop single solution to the disposition of real estate assets. Sellers particularly appreciate H&M’s streamlined approach that handles their assets from marketing through closing and funding. The H&M process allows the seller to minimize expenses and maximize return. H&M has assisted clients ranging from individuals to large, medium, and small corporations, government agencies, and financial institutions. Since 1999, H&M has sold and closed over 80,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com.

SOURCE Hudson & Marshall of Texas, Inc.

Economy Responsible for Grim Housing Market

Economy Responsible for Grim Housing Market

Economy Responsible for Grim Housing Market-Image via Wikipedia

Nearly two-thirds of Americans say the current economic situation is making them less likely to buy a house, according to a new national survey by FindLaw.com (http://www.findlaw.com), the most popular legal information website.

Sixty-three percent of American adults say they are less likely to buy a house because of the current state of the economy. Despite record-low mortgage rates and an abundance of houses available on the market, only 8 percent of people say the current economic situation makes them more likely to buy a house.  About a quarter of people – 28 percent – say they are neither more likely nor less likely to buy a house because of the economy.

In particular, the current economy is driving lower-income individuals and families out of the market.  People with annual incomes less than $50,000 were significantly more likely to say they are less inclined to buy a house than people with higher incomes.

“The current economic situation has greatly changed the dynamics of the housing market,” said Stephanie Rahlfs, an attorney and editor with FindLaw.com.  “Although mortgage rates are near record lows, stricter lending requirements are often making it more difficult for many people to obtain mortgages.  High unemployment rates are raising concerns about housing appreciation, affordability and foreclosures.  Together, these factors are causing many people to shy away from the idea of buying a house. Buying a home, selling a home and owning a home are all becoming more complicated, and it’s important to know the ins and outs of contracts, finances and your rights as a buyer, seller or owner.”

Free Internet resources such as the FindLaw Real Estate center (http://realestate.findlaw.com/) can provide helpful information on buying, selling and owning a home, including obtaining a loan, borrowers’ rights, finding the best mortgage, homeowners’ rights, avoiding foreclosure and more. It also has useful information for renters, including negotiating a lease, tenants’ rights, and fair housing and discrimination laws.

The FindLaw.com survey was conducted using a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus-or-minus 3 percent.

SOURCE FindLaw.com


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