ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL- 02/04/2013

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 02/04/2013

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Borrowers for whom a loan modification or short sale is not a feasible alternative to foreclosure will soon have the option of handing their property over to the bank, regardless of whether they are current on their payments.

As of March 1, borrowers who are current on their mortgage but meet certain criteria will be eligible for a deed-in-lieu of foreclosure or "mortgage release."

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Mortgage giants Fannie Mae and Freddie Mac will offer loan servicers $1,500, up from $275, for every deed-in-lieu completed following the new guidelines on or after that date, and will offer up to $6,000 to second-lien holders to expedite deeds-in-lieu.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

As part of the new deed-in-lieu guidelines, borrowers who are 90 days or more delinquent must be experiencing and document one of 10 eligible hardships:

•Unemployment.

•A hardship that has caused a reduction in income due to circumstances outside their control (fewer regular working hours, for example).

•A hardship that has caused an increase in housing expenses due to circumstances outside their control.

•Divorce or legal separation, or separation of borrowers unrelated by marriage, civil union or similar domestic partnership.

•Death of a borrower, or death of either the primary or secondary wage earner in the household.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

•Long-term or permanent disability, or serious illness of a borrower or co-borrower or dependent family member.

•Disaster (natural or man-made) adversely impacting the property or borrower's place of employment.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

•Distant employment transfer or relocation.

•Business failure.

•Other: a hardship that is not covered above.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Borrowers who are eligible for a deed-in-lieu, occupy the mortgaged property and are not required to financially contribute to the deficiency can potentially receive up to $3,000 in relocation assistance.

The guidelines require the property be vacant and broom swept or else the relocation assistance will be reduced by the cost of cleaning and repair, Fannie and Freddie said.