Freddie Mac Training For Short Sales and Distressed Homeowners in Ann Arbor
I want to share an invaluable resource for any US Homeowner, REALTOR® and loan servicer in the US.
This is a training presentation to National Association of REALTORS® from Freddie Mac by Wayne Ferguson, National Trainer, for REALTORS® dealing with options for distressed homeowners with specifics on SHORT SALES.
This is well worth the 35 minutes. If you are an agent, you may want to share with homeowners directly. There is a quick auto download to make the web-ex work.
Additionally, view the Freddie Mac Pre Foreclosure/Short Sale training slides without audio.
This covers key best practices for short sales and hurdles/barriers for investors and home owners.
A Short Sale is when you cannot sell your home for an amount that will pay off the mortgage loan, whereby the mortgage servicer may be willing to accept a payoff amount less than what is owed on the mortgage balance in certain situations. The resource for on line information is www.FreddieMac.com/corporate/buydown/english/avoiding_foreclosure/index.html.
The target value of Short Sale recovery is 88 percent or more of BPO (broker price opinion) value. The BPO is based on 90 day “as is”.
The example helps homeowners understand how the commission is included in the calculations.
PROPERTY VALUE 150000
AMOUNT OWED 178000
SALES PRICE 148000 99% OF VALUE
COMMISSION/CLOSING COSTS -13000 9% OF SALE PRICE
ANY SELLER FUNDS -1000
PAYMENT TO $20K LIENHOLDER -2000
NET PROCEED 134000 90% OF VALUE
SHORTAGE/LOSS -44000
20% MI CLAIM 35600
SHORTAGE/LOSS -8400
Did you ever wonder why it takes so long for a bank to respond? They work with the seller, housing counselor, junior lien holder (second mortgages), loan servicer , loan servicers, home owners association lien holder, buyer’s lender, mortgage investor, mortgage insurer, and buyer to facilitate the process.
The homeowner’s lender should be able to tell if the mortgage is owned by Freddie Mac.
For homeowners to find out: Does Freddie Mac Own Your Mortgage?
If you don’t know, you can also contact:
Fannie Mae,
- 1-800-7FANNIE (8am to 8pm EST).
- www.fanniemae.com/homeaffordable
Freddie Mac
- 1-800-FREDDIE (8am to 8pm EST)
- www.freddiemac.com/avoidforeclosure/
There are retention options and liquidation options other than Short Sales. The refinance calculator tool may be helpful for some homeowners.
For REALTORS®, if you have additional questions for sellers whose lender/servicer’s original investor is Freddie Mac or Fannie Mae, contact Loss Mitigation Manager, Donna Brandveen 703-918-5144 or Donna_Brandveen@FreddiceMac.com. Wayne Ferguson, Freddie Mac Customer Education Lead is at: Wayne_Ferguson@FreddieMac.com or 571-382-5214.
Let me know what you think.
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