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Freddie Mac Permits Up To 12 Mos Forbearance to Unemployed Borrowers

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Call Bob Cumming of Keystone Group Properties at 310-496-8122 for information about Southern California luxury homes in Los Angeles County, Orange County and San Diego County.  Keystone Group Properties services coastal Southern California real estate.

Freddie Mac Permits Up To 12 Mos Forbearance to Unemployed Borrowers

Freddie Mac (OTC: FMCC) today announced it is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed borrowers without Freddie Mac’s prior approval and up to an additional six months with prior approval. This means unemployed borrowers may be eligible for up to 12 months of forbearance. Freddie Mac’s forbearance options are being expanded at the direction of the Federal Housing Finance Agency and will take effect on February 1, 2012.

News Facts:

  • Mortgage servicers can now approve unemployed borrowers with Freddie Mac owned- or guaranteed-loans for six months of forbearance without prior approval from Freddie Mac.
  • Servicers can extend the forbearance period up to an additional six months with prior Freddie Mac approval, giving eligible unemployed borrowers with Freddie Mac owned- or guaranteed-mortgages up to one year of forbearance.
  • The expanded forbearance options will take effect on February 1, 2012.
  • Delinquent borrowers in an existing short term forbearance plan can be evaluated for an extended forbearance under the new policy.
  • Previously Freddie Mac allowed servicers to grant up to three months of forbearance with no payment and without prior approval, or six months at a reduced payment with prior approval. Longer forbearance required prior approval and was generally restricted to events such as natural disasters, permanent disability or long-term medical emergencies.
  • According to the latest statistics, nearly 10 percent of delinquencies on Freddie Mac mortgages were tied to unemployment.

Quote:

Attribute to Tracy Mooney, Senior Vice President, Single-Family Servicing and REO, Freddie Mac:

“These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies. We believe this will put more families back on track to successful long-term homeownership.”

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets.

Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. For more information, visit FreddieMac.com.

California Ranks #1 for Mortgage Fraud

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Call Bob Cumming of Keystone Group Properties at 310-496-8122 for information about Southern California luxury homes in Los Angeles County, Orange County and San Diego County.  Keystone Group Properties services all coastal Southern California real estate.

California Ranks #1 for Mortgage Fraud

Mortgage fraud activity slowed overall in the third quarter, but California ranks first in home loan fraud, with the state seeing as much as $204.2 million in losses on deceptive mortgage activity.

That’s according to a new report from MortgageDaily, which found that lenders victimized by fraud faced inflated appraisals and fraudulent documentation.

California was followed by New York, which experienced $199.6 million in losses from nefarious activities in mortgage finance.

New York was followed by Florida, South Carolina and Minnesota in terms of fraudulent activity.

The total loss value of all mortgage activity in the third quarter hit $1.3 billion.

In the third quarter, the Mortgage Fraud Index maintained by MortgageDaily noted that the index score hit 1,173 in the third quarter.

Conveyance by Trust – Seller Assisted Financing for Southern California Real Estate

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There are many benefits of selling Southern California real estate in Los Angeles and homes in Orange and San Diego counties through Seller Assisted Financing.  Conveyance by Trust offers homebuyers the opportunity to take over the Seller’s loan payments.  Buyers are easier to find and the closing is quick.  Click here for a comprehensive list of the reasons why this method of Seller Assisted Financing may offer the best solution to selling California coastal properties.

Please contact Bob Cumming of Keystone Group Properties at 310-496-8122.  Our area of expertise includes Southern California Properties for sale in the coastal areas and luxury Beverly Hills homes.

Keystone team Los Angeles real estate and Orange County CA home testimonials

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Cindy and Brad T., Pacific Palisades, CA

We wish to thank you and the Keystone team for everything you have done for our family. Our house had been listed for more than eighteen months with three different realtors. Your firm was able to provide a qualified buyer that made a fair offer and enabled us to close on the transaction in approximately sixty days.

Harry and Betty J., New York, New York

We feel you saved us from the potential of financial ruin! As you recall, my husband’s company transferred him from Southern California to the East Coast. We moved to the East Coast and purchased a house with my husband’s company paying the monthly mortgage and costs for our Laguna Beach home while we were trying to sell it.

My husband’s company was sold shortly after we were back each and the acquiring company refused to continue to pay the monthly mortgage and upkeep costs for our house in Southern California. We were desperate. Nothing we tried worked as our  bank account balances diminished during this trying time. We were introduced to you by a friend and your organization was able to complete a transaction in a relatively short time and help get us back on our feet.

Thank you, Thank you, Thank you.

John and Mary T., Calabasas, CA

Our family wants to thank you for being able to consummate a short sale of our property. It minimized the effect on our credit and gave all of us a piece of mind. My husband and I lost both of our good paying jobs due to the economy and were unable to find other jobs immediately. The downturn in real estate at the same time made our home worth a lot less than the mortgage.

We were both successful at finding new jobs but at salary levels that were much less than what we had been making. We could no longer afford the mortgage. Our efforts and those of other professional service firms went nowhere with the financial institutions. We fell behind many months on our loan payments.  Your firm’s professional, no nonsense approach working with the finance institutions allowed us to sell the property as a short sale in a few short months.

Our credit is being repaired and we look forward to having your organization help us buy another property in a few years.