Tag Archives for " Foreclosure Freeze "
According to Fannie Mae, they are lifting some of the holds on eviction actions and REO closings that were put in place in September 2010. The holds were placed in response to the issues of possible defects with affidavits submitted in foreclosure actions. This means the homes that were removed from the market will be placed back on the market and closings will be able to proceed over the next week as Fannie Mae works through lifting the holds.
The following are instructions for brokerages Fannie Mae has issued to inform them of the current situation and how to proceed.
“Effective November 24, 2010, Fannie Mae is issuing the following instructions for REO properties relating to all loans which were formerly serviced by GMAC, Bank of America, PNC Mortgage Corporation, JP Morgan Chase, One West Bank and Sovereign Bank in all states previously on hold:
1. Our prior guidance with respect to evictions and lockouts for each of the affected servicers remains in effect at this time.
2. Proceed with scheduling and holding the closings of Fannie Mae REO property as agreed between the parties. If a title issue arises with respect to the potential defect of an affidavit used in the underlying foreclosure, the Closing entity will identify the issue in AMN as they would any other title issue and will work with their title representative for further instructions.
3. Please reach out to all buyers that have been awaiting closing to ensure that they can now move forward. They may reschedule to an earlier date if needed. It is possible that their loan and/or closing files will need to be updated before their closing can be scheduled.
4. Please reach out to those buyers that elected to terminate their contracts to determine if still interested in purchasing the property. All details of the contact and response must be noted in AMN. We require response/update in comments within 72 hours of this notice if the buyer associated with the terminated contract wishes to re-engage.
Over the next week, impacted properties will be removed from their current “Unable to Market” status in AMN and will again be available to market.”
For more information regarding the foreclosure freeze or for help buying a home that was taken off the market due to a title defect, please click here.
FOR IMMEDIATE RELEASE
Nancy Braun, Owner & Broker-In-Charge
Local Real Estate Brokerage Uses Foreclosures to ‘Pay It Forward’
Showcase Realty partners with the national REO4Kids effort to raise money for children’s charities through the sale of REO properties.
CHARLOTTE, NC (October 18, 2010) – Nancy Braun, Owner and Broker of Showcase Realty, LLC, has recently teamed up with REO4Kids to become one of the few brokerages across the US donating $100 to children’s charities per REO Asset she sells. In 2009 Nancy’s group donated over $200,000 and expects to donate more than $250,000 in 2010. Because foreclosures affect inner city kids more than anyone else, the group has elected to help the Boys and Girls Club of America as well as Make-a-Wish. Showcase also donates to No Paws Left Behind to help the animal victims of this foreclosure crisis.
The recent partnership of Showcase Realty with REO4Kids is not only raising money for deserving charities but also shining a positive light onto the unfortunate situation that is home foreclosure.
“This is a huge opportunity for Showcase Realty to ‘Pay it Forward’. We want to hold the torch and lead the way for other agents and brokerages to use real estate as a way to give back to their local communities as well as the larger national community in this time of economic need,” says Braun.
Braun, who has been a successful real estate agent for14 years, opened Showcase Realty in 2008. In addition to General Brokerage, the firm launched foreclosure and short sale divisions to address the surge of foreclosures, short sales and distressed properties in the real estate market.
Visit CharlotteREOBroker.com or REO4Kids.com for more information. To find out more about current REO homes Showcase Realty has to offer send an email to firstname.lastname@example.org