Wednesday, June 2, 2010

Freddie & Fannie Join HAMP = Easier Short Sales

 Freddie Mac and Fannie Mae just announced  their own version of the HAFA programs. They’re both planning to be implemented by August 1, 2010.  The programs are very similar to HAFA in that they simplify and streamline the use of the short sale and deed-in-lieu (DIL) options.  They also use similar forms and timelines. In addition, the program expires December 31, 2012, like HAFA. However, some of the major differences offered by the new Fannie Mae and Freddie Mac HAFA programs include, but are not limited to:

- Both institutions will pay the servicer a $2,200 incentive fee for successful short sales

- Both institutions will pay the servicer a $1,500 incentive fee for all successful DILs

- The Deed for Lease (D4L) is available for borrowers who request and are approved to remain in the property following a successful DIL.

- Borowwer will get $3000 to assist with their relocation upon closing.
For more details, visit the following links: and Freddie Mac Bulletin

My consultation is FREE as are my services.
My fees are paid by the bank, not by you!

We use attorneys to negotiate your Short Sale.
Attorneys have more options than Real Estate agents in a short sale.
Do you want the best representation possible? Call me.

Dennis Smith, CDPE at 760-436-0087
CDPE - Certified Distressed Property Agent
RE/MAX By-the-Sea
Formerly with Taylor Place Real Estate


Providing quality Real Estate services in the North Coastal San Diego area including Del Mar, Solana Beach, Rancho Santa Fe, Cardiff by the Sea, Encinitas, Leucadia, Olivenhain, Carlsbad, La Costa, Aviara, Oceanside, Vista, San Marcos, San Elijo Hills, Escondido & San Diego County