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Archive for June, 2011

Fannie Mae announced this week new rules that will require mortgage servicers to act more quickly and consistently in helping troubled home owners avoid foreclosure. Fannie told servicers they must strive to build a “strong customer service relationship,” better understand why the borrower is missing payments, and educate them on ways to prevent foreclosure. ”

 Also among the revamped guidelines:

  • Fannie told servicers they will be required to contact home owners verbally and in writing within 120 days after a loan first becomes delinquent.
  • They will need to try to complete a loan modification or other option that keeps the borrower in their home or helps the borrower avoid the foreclosure process.
  • If foreclosure is unavoidable, servicers will need to follow a clear timeline and must begin the foreclosure process once a loan has been delinquent for more than 120 days.
  • Servicers also must make it clear when a property in the foreclosure process will be sold.

Source: “Fannie Mae Updates Rules on Delinquent Loans,” Associated Press (June 6, 2011)

The entire article is here: http://www.realtor.org/RMODaily.nsf/pages/News2011060701?OpenDocument

Talk to you soon. Leona Greenlow-Turner

FREE Avoiding Foreclosure for California Homeowners Conference Call

Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com

(605) 475-4000, Pin: 399922#

FREE Workshop Avoiding Foreclosure for California Homeowners

Saturday, July 9, 2011, 9 am PDT

3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552

Pre-register: Leona@LeonaTurner.com

Upcoming workshop dates: Saturday, August 6, 2011; Saturday, September 10, 2011

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More Short Sale Incentives for Homeowners

HAFA: In this program, qualified households who participate in this program (which has both short sale and deed-in-lieu of foreclosure options) receive $3000 at closing. (Fannie Mae and Freddie Mac also participate in HAFA, but the incentives vary.)

Bank of America Cooperative Program: In this program, qualified households that participate in this short sale program will receive $2500 at closing.

TAP: In this program, qualified California households that participate in a short sale or deed-in-lieu of foreclosure will receive up to $5000 at closing.

Wachovia: Wachovia Bank frequently sends borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they can redeem the incentive at closing (usually between three and five thousand dollars).

Litton: Litton Loan Servicing frequently sends borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they can redeem the incentive at closing (usually between three and five thousand dollars). 

Chase Bank: Chase Bank is now sending certain borrowers letters offering them the option of participating in a short sale for a significant incentive (often between 20,000 and 30,000 dollars). Read the fine print on the offer and follow all of the rules in order to receive this incentive at closing.

 Check this out: http://ht.ly/563A3

Talk to you soon. Leona Greenlow-Turner

FREE Avoiding Foreclosure for California Homeowners Conference Call

Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com

(605) 475-4000, Pin: 399922#

FREE Workshop Avoiding Foreclosure for California Homeowners

Saturday, July 9, 2011, 9 am PDT

3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552

Pre-register: Leona@LeonaTurner.com

Upcoming workshop dates: Saturday, August 6, 2011; Saturday, September 10, 2011

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Chase is giving up to $30,000 to borrowers who participate in a short sale. The listing agreement has to be in the hands of Chase negotiator by 5/24/2011. I’m really going to try and get my client this short sale payout. Also, I”ll find out if chase is extending this date to listing agreements submitted after 5/24/2011.

Check this out: http://ht.ly/563rQ

Talk to you soon. Leona Greenlow-Turner

FREE Avoiding Foreclosure for California Homeowners Conference Call

Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com

(605) 475-4000, Pin: 399922#

FREE Workshop Avoiding Foreclosure for California Homeowners

Saturday, July 9, 2011, 9 am PDT

3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552

Pre-register: Leona@LeonaTurner.com

Upcoming workshop dates: Saturday, August 6, 2011; Saturday, September 10, 2011

Read Full Post »