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New Federal Guidlines for Lenders
Submitted by PatrickLor
Sat, 1 Dec 2012
FNMA offered three new exit options for borrowers involved in the deed-in-lieu of foreclosure process this past week.
The guidelines are part of the servicing alignment initiative and duplicate policies previously outlined by the Federal Housing Finance Agency for FNMA and Freddie Mac. Fannie also announced it has renamed the deed-in-lieu of foreclosure process as a 'mortgage release' and is using that term throughout the servicing guidelines.
The government-sponsored enterprise said servicers are required to implement the policies for all loans under consideration for mortgage release on or after March 1, 2013.
FNMA noted the GSE is now offering three exit strategies for borrowers involved in deed-in-lieu of foreclosure procedures. The first is the standard mortgage release or immediate move process.
The guidelines ramp up in terms of borrower flexibility with the directive also offering a three-month transition option with no rent payment required and a 12-month lease with market rent payment option.
Further, FNMA said servicers are no longer required to obtain written approval when they want to postpone a foreclosure sale on a loan that is more than 12 months delinquent as of the last paid installment date.
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Read more about florida short sales.
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