New Fannie Mae and Freddie Mac Foreclosure Rules

In an effort to fix problems identified during the foreclosure crisis, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to align their guidelines for servicing delinquent mortgages they own or guarantee. The new guidelines end the process of dual tracking modification efforts and foreclosures and require servicers to reach out to borrowers immediately when they become delinquent and emphasize efforts on remediating the delinquency. Under the rules servicers must formally review each case to ensure a borrower has been considered for foreclosure alternatives before the loan is referred to foreclosure. Further, to encourage modifications, servicers will be given financial incentives to modify loans.

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Sikora Law has operations in Michigan and Ohio. With a network of attorney relationships in multiple states, we combine the friendly familiarity of a small firm with the institutional knowledge and capabilities generally only found at a large firm. Sikora Law has the resources to deal with your situation with the right lawyer – or the right team of lawyers – and provide reliable, comprehensive, and responsive legal representation . We combine experience, creativity, and technology to efficiently and effectively protect our clients' interests and meet their goals.
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