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Also known as a deed-in-lieu of foreclosure, a Mortgage Release ™ allows the borrower to voluntarily transfer ownership of the property to Fannie Mae. The borrower may be eligible for relocation assistance of up to $7,500 and/or choose from one of the three graceful exit options: Immediate move.
- How to avoid foreclosure
If a homeowner does not make required payments or violates...
- Allowable Foreclosure Fees
In the event that a default is cured, such as by a completed...
- Significant Derogatory Credit Events
Examples of significant derogatory credit events include...
- Loss Mitigation
Resources to help both servicers and borrowers manage...
- How to avoid foreclosure
If a homeowner does not make required payments or violates the terms of their mortgage, foreclosure is the legal process where a mortgage company takes ownership of the home. The homeowner loses the home, and may lose the equity they have established. The specific process and timing will vary.
12 Φεβ 2020 · In the event that a default is cured, such as by a completed loan modification or reinstatement, and the loan subsequently becomes delinquent again, a new allowable foreclosure fee applies without the need for excess fee approval when the servicer must initiate new foreclosure proceedings.
Examples of significant derogatory credit events include bankruptcies, foreclosures, deeds-in-lieu of foreclosure, preforeclosure sales, short sales, and charge-offs of mortgage accounts.
Resources to help both servicers and borrowers manage delinquent mortgage loans and avoid foreclosure.
27 Αυγ 2020 · Foreclosure-related activities (except as to vacant or abandoned properties) and evictions of occupants from real estate owned by Fannie Mae are suspended until December 31, 2020. Homeowners impacted by COVID-19 are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months.
Borrowers who can no longer afford to stay in their home may consider a Mortgage Release™, also known as a deed-in-lieu of foreclosure, to avoid foreclosure. This is also a good alternative for homeowners who are unable to sell their property, whether for a full payoff or a short sale.
