There continues to be a dramatic decline in the number of short sales and foreclosures in the Twin Cities metro. For the most part listings, pending sales and closed sales are down anywhere from 25-45%. For the full detail, be sure to review the link at Short Sales and Foreclosures in the Twin Cities.
Freddie Mac and Its Mortgage Servicing Companies Are Denying Short Sale Approvals in Redemption Period – Minnesota
Word is that Freddie Mac and/or its mortgage servicing companies are denying short sales if the home is in the redemption period. In the State of Minnesota, the redemption period is six months so this would be quite a blow if indeed this is a new policy decision by Freddie Mac to deny these short sale approvals.
One of the things I’ve heard is that in part the mortgage servicers are denying the short sale approvals because the costs are too high for Freddie Mac. Realtors and their clients, both buyers and sellers, are not happy about the news. Short sales are difficult enough. They’ve always been a bit of a crap shoot and this only makes it even more so.
One more reason why in my opinion Freddie Mac is the worst bank in America when it comes to REO or distressed properties.
- Program HR 3648 Short Sale Platform for Stafford County (moyersteamblog.com)
- Fannie and Freddie Do NOT Underwrite HARP2 the Same (harptwo.wordpress.com)
- Brown Unveils Legislation to Make Short Sales Move More Quickly (asohiogoes.wordpress.com)
- Here We Go Again – Freddie Mac Cuts Commissions to REALTORS (johnmurphyreports.com)
- Freddie Mac accused of betting against homeowners (cbsnews.com)