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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 in the case of a short sale being approved but the home ends up in foreclosure anyway, MERS issues, etc.)
Apparently, servicers in MI and MN began abusing the process simply by listing a home in the redemption period as a “short sale”, thereby having their foreclosure fee waived and enjoying the financial incentive for pulling it out of foreclosure. From NAR’s conversations, it appears that Freddie has grown wise to this abuse and has stated that sales after the sheriff’s sale are not “short sales” as those homes have already gone through the foreclosure process. This new classification now makes sure the servicer incurs the Foreclosure penalty and eliminates the financial incentive to sell in the redemption period. As you state in your e-mail, beginning June 1, all “short sales” must occur before the sheriff’s sale.
MAR is in the process of reaching out to our Congressional delegation to make them aware and seek their assistance in correcting this situation. NAR continues to work on the issue of lenders acting immediately on upcoming change.
Click the Bulletin to read the full article.ulletin to read the full article.
RED ALERT!! FREDDIE MAC NO LONGER APPROVING SHORT SALES IN THE REDEMPTION PERIOD!
Here are some examples of correspondences we have received on some of the files that are in process:
1. We were given the instruction yesterday to decline all files that were in the redemption period and only the ones that have already been approved and are in the closing stages would continue the process.
2. Yesterday we received updated guidelines from Freddie Mac to close all files in a redemption period.
3. Freddie Mac is no longer reviewing offers on redemption properties. Contact Freddie Mac.
RED ALERT !! As of June 1, 2012 all 'Short Sales' must occur before the Sheriff Sale.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.