WILL FANNIE MAE'S CHANGES HELP TROUBLED HOMEOWNERS AVOID FORECLOSURE

By
Real Estate Agent with Century 21 New Millennium MD

WILL FANNIE MAE'S CHANGES HELP TROUBLED HOMEOWNERS AVOID FORECLOSURE

It seems there are changes being made Daily, not just with Fannie Mae.  But do they make a difference?  Mostly it appears they do not because what has been recommended never makes its way to the people for whom it was intended.

Included in the article "Fannie Revamps Rules on Delinquent Loans" Source Associated Press June 6, 2011, is the need to educate Homeowners, also the expectation that mortgage servicers will move quicker and consistently to help homeowners avoid foreclosure,  providing verbal and written contact within 120 days after the loan first becomes delinquent and finally clearer timelines.

 WILL FANNIE MAE'S CHANGES HELP TROUBLED HOMEOWNERS AVOID FORECLOSURE?  What do you think?  Have you seen positive changes and timelines followed?

ASK A QUESTION HERE RealEstate@MargaretC.com

I am Margaret C. Taylor St Mary's County MD REALTOR®.  I am certified with the SFR, Short Sale and Foreclosure Resource Certification, from the National Association of Realtors and CDRS, Certified Default Resolution Specialist Certification, from America's Home Rescue.

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I am a Century 21 New Millennium Real Estate Agent, St Mary's, MD

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This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.

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Comments (1)

Daniel H. Fisher
www.FisherHermanRealty.com (704) 617-3544 - Charlotte, NC
MCRP - Charlotte Real Estate, NC or SC

Requiring contact within 120 days seems most likely to help lenders and borrowers come to a decision about loan modification and foreclosure options faster. Assuming the reason for the loan default was avoidable, this which will likely shorten foreclosure timeframes. 

Jun 08, 2011 05:13 AM