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The additional oversight and the threat of fees or fines for delinquent filing might just move some of these loans through the system, but it only applies to uncontested foreclosures. For Maryland (90 days), Nevada (150 days) and New York (300 days), new times have been set as well. The new time frame for Tallahassee Foreclosures (all of Florida) is now set at 185 days, which includes an additional 35 days due to the State of Florida mandating a mediation referral prior to a foreclosure suit being commenced. The announcement by Fannie Mae focuses on four States Florida, Maryland, Nevada and New York. New Fannie Mae Servicing Guide Time Frames will exercise its remedy to assess compensatory fees as deemed necessary.requires accurate and timely reporting on the delinquency status of mortgage loans.may begin conducting reviews of servicer loan files, processes, or procedures.is monitoring all delinquent loans in Fannie Mae's portfolio or MBS pools, and will begin notifying servicers of delays in processing delinquent loans.

has updated the allowable foreclosure time frames for four states.

The new Fannie Mae Servicing Guide ( which can be downloaded here) appears to be an attempt to push foreclosures through the system at a faster pace, which hopefully will get them through the market even faster. On August 31, 2010, the message was loud and clear in the Fannie Mae Servicing Guide that it was time to speed this process up in an effort to push the market through and past the biggest backlog of distressed properties the market has ever seen. To obtain property from the Fannie Mae HomePath program, you must work with a mortgage lender that participates in the program.Fannie Mae is cracking down on lenders and loan servicers who are taking too long to complete routine foreclosures. One of the unique factors of purchasing a home through HomePath is that you can get a HomePath renovation loan on approved properties, allowing you to make repairs and upgrades to the home and roll the cost into the mortgage. When buying a HomePath home, you are dealing with homes that may or may not have been lived in recently, as many of these homes are foreclosures, deed-in-lieu of foreclosures, or forfeitures. When purchasing a home that isn’t a HomePath property, you usually are working directly with the seller who currently resides in the home through the use of a real estate agent. How is Buying a HomePath Property Different from Other Properties? This just means that homeowners will give the ownership back to Fannie Mae to be released from mortgage loan payments. When a foreclosure occurs on a Fannie Mae property, Fannie Mae does everything possible to sell the property in a time-sensitive manner to reduce the community impact.įannie Mae also acquires properties to sell through deed-in-lieu of foreclosure. Sometimes, though, foreclosure is unavoidable. One of Fannie Mae’s biggest goals is to prevent foreclosures from happening through working with housing counselors and mortgage servicers.

Why Does Fannie Mae Have HomePath Properties For Sale? Some HomePath homes are move-in ready, while others may need to have some repairs done before having occupants moving in. has townhomes, single-family homes, and condominiums available throughout the nation, and are easily searchable by city or county. Many of these properties are foreclosed homes and many offer a lower than market price, making HomePath homes an excellent opportunity for first-time homebuyers and investors. HomePath refers only to properties that are owned by Fannie Mae. is the website where you can find all of the Fannie Mae HomePath properties available. HomePath mortgages give borrowers the option to have mortgages backed by Fannie Mae and offers the opportunity to get a HomePath renovation loan, allowing borrowers to include basic renovations needed to make the home liveable. HomePath is the brand used for any property that is owned by Fannie Mae. What is HomePath? By Liz Clinger Updated on