When homeowners are working against the clock to stop a foreclosure date, knowing who backs your loan can make ALL the difference! In the case of Freddie Mac backed loans, we find ourselves explaining to potential clients why it can take time to get the clock stopped. It’s because of how the system is set up.
Here’s how it works for Freddie Mac residential single-family mortgages: 1) A homeowner sends the monthly payment to the lender or a mortgage servicer that manages the payments, 2) the servicer keeps a small fee for managing the borrowers’ payments and sends the rest of the monthly payment to Freddie Mac, 3) Freddie Mac passes through the remainder of the mortgage payment to investors who hold its mortgage securities.
So, if your loan is backed by Freddie Mac, investors gave Freddie Mac the funds so you could get your mortgage. That means the servicer/lender (like Chase, Wells Fargo, etc) have to take your short sale package and pass it on to Freddie, who then passes it to the original investors involved to have EVERYONE agree to postponing the foreclosure date. Here are some links to help you find out if your loan is backed by government interests…
Bank of America Co-Op Short Sale Program Works to Pay Sellers CASH at Closing!
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Learn more about the Bank of America Co-Op program and those of other lenders looking to help struggling homeowners.
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About Jennifer Young
Jennifer Young is the CEO and Team Leader of Jennifer Young Homes with Keller Williams Realty. Jennifer is a highly experienced real estate agent and industry leader specializing in the Virginia, Maryland and Washington DC market. Jennifer sells Regular Sales, Short Sales, Foreclosures, Rural Residential & Land. Her team has helped hundreds of troubled homeowners for FREE! Call Jennifer today for a free consultation at (703) 651-5655 or email her.
Hear from our clients…
Jennifer Young was a great agent, especially because of the amazing team working behind the scenes. Her and her staff knew so much about short sales.
Jennifer Young sold our home for us in Fairfax, VA and did an incredible job. It was priced right and went under contract in less than 10 days.
We worked with Jennifer Young and her team when short selling our property. They were on-the-ball and completely on top of my case at all times. .