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Michigan Short Sales - Important Update: Offers Denied During Redemption Period
Freddie Mac has new servicing rules that should not start until June 1, 2012.  Why are they being implemented now? Referencing Bulletin - Freddie Mac Bulletin-1207. So what is really going on? Here, in short, are the answers.
Another Mortgage Industry Issue.  The National Association of REALTORS (NAR) is getting involved once again along with the Michigan Association of REALTORS (MAR) to get a clear understanding on the new policy brought forth by Freddie Mac.  A policy that should not get underway until June 1, 2012.
At this point NAR is trying to get their arms around the immediate decision of lenders to cancel all of their Freddie short sale listings.
The Freddie bulletin at issue came out on 13th of March and the new changes to their REO Rollback program are not set to go into effect until June 1.  At this point the bulletin seems to be a two state issue with Michigan and Minnesota because of our longer redemption periods.  The bulletin signals a change in the incentive structure for the REO Rollback program which was designed to reward servicers for pulling improperly foreclosed properties out of their REO pool and into a short sale (by improperly closed they mean ... more

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