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On Friday, Freddie Mac released a newsletter that has resulted in serious concerns for short sale investors. In the newsletter, they raise the question of the viability and legality of back-to-back short sale flips. 

There is tons of misinformation out there. There is information that is factually wrong. Horrible assumptions are being made. Their statements in this newsletter (this is not law, just a newsletter) show ignorance of fundamental contractual law and are contradictory to Freddie Mac’s already stated position of short sales and flips.

If this announced change does become the new policy and position of Freddie Mac, it will:

• Drive investors out of the market.
• Result in more foreclosures.
• Result in more REOs.
• Further depress the market.

It is imperative that you attend this Webinar. It is vital to short sale investors to be informed and know how this information impacts your business, and what you can do today to calm worries, fears and myths that result from their announcement. This is important enough that I felt it necessary to post on my blog.

HAFA has also created a bunch of confusion. Surprise Surprise. Our Government is good at creating confusion. In the future, you will you’ll need the HAFA addendum to add to your hardship letters to make sure your files stay out of the HAFA program.

Here are two basic reasons to avoid HAFA.

#1- The government HAFA program requires the homeowner to sign off on a deed-in-lieu in advance which is almost never disclosed.

#2- The HAFA program requires the seller to make payments at about 1/3 of their income during the short sale process which is also almost never disclosed. How many sellers do you know actually have that kind of money?

It’s almost comical this HAFA program. Currently, several loss mitigators  have no idea that the HAFA requires the deed-in-lieu and payments. These loss mitigators have no clue what they are pushing people into!

I will have more information about this soon as thre is not much information out on this yet.

Leave your comments below…

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A pair of auctions later this month in Las Vegas and Southern California will put the keys to hundreds of REO properties in the hands of first-time homeowners and homebuyers who plan to occupy the property they purchase, Freddie Mac and New Vista Asset Management recently announced.

The auctions will be conducted through HomeSteps, Freddie Mac’s real estate sales unit, in partnership with the federal government’s Neighborhood Stabilization Program (NSP). The events are scheduled for April 24 (Las Vegas) and April 25 (California’s Inland Empire). New Vista provides disposition services for REO properties and is helping to facilitate the auctions…

“Freddie Mac’s first-time homebuyer auctions in Las Vegas and in California’s Inland Empire builds on our long-standing effort to use our REO inventory to foster new opportunities for new homeowners and shows another way Freddie Mac is working to achieve the Obama Administration’s goals of stabilizing and reviving impacted communities,” said Ingrid Beckles, senior vice president of default asset management at Freddie Mac.

Read More Here

admin Market News update, Uncategorized April 24, Asset Management, california home auctions, Disposition Services, First Time Homeowners, Freddie Mac, Inland Empire, las vegas home auctions, Mac Auctions, Neighborhood Stabilization, New Homeowners, New Opportunities, New Vista, obama, Real Estate Sales, reo properties, S Real Estate, Senior Vice President, Southern California, Stabilization Program, Time Homebuyer, Time Homebuyers

In an attempt to breathe more life into the housing market, HUD is changing an FHA rule that prohibited insuring any home sold in fewer than 90 days. Officials hope the change will help rehabilitate distressed properties faster and raise home values.

The term “flipper” became a dirty word in the real-estate business just before the bubble burst. Now the federal government is turning to these quick-turnaround investors to pump some new life into the deflated housing market.

This is just my humble opinion, but FHA, Freddie Mac, Fannie May and the FDIC all need the ethical real estate entrepreneur to help fix this housing problem, PERIOD! This problem is too BIG for them to fix without people like real estate investors to buy, add value and resell these properties and help the banks and the real estate market recover. I’m just not saying this because I’m a real estate investor, but I truly believe that this is the only way to start a recovery  and the Federal government is finally seeing the light…

You can READ MORE HERE on MSN

admin Market News update, Uncategorized Attempt, banks, Dirty Word, Distressed Properties, Estate Business, Estate Entrepreneur, Fdic, Federal Government, Fha, Flipper, Flippers, Flipping can save the RE market, Freddie Mac, home values, house flipping can be GOOD, Housing Market, Hud, Real Estate Investor, real estate investors, Real Estate Market, Seeing The Light, Turnaround

The Federal Reserve’s pledge to stop buying mortgages by the end of March is sparking fears among home builders, mortgage investors and even some Fed officials that mortgage rates could rise and knock the fragile housing recovery off course. Rates on 30-year fixed-rate mortgage have risen by a quarter of a percentage point in the past month to around 5.2%, according to HSH Associates, near their highest levels since September as the bond market has pushed up long-term interest rates amid signs of an improving economy.

The recent rise in mortgage rates could be a prelude to even bigger increases in coming months as the Fed steps away from support for the market. That prospect has some in the markets counting on the Fed to change course and keep buying past March, which many officials are reluctant to do.  When such a big investor stops buying, “that could lead to material increases in [interest] rates across the board,” said Ronald Temple, portfolio manager at Lazard Asset Management. He sees mortgage rates rising by a percentage point when the Fed stops buying.

A withdrawal of government support, combined with high unemployment and rising mortgage foreclosures, could push home prices down 20%, he said.  The Fed now holds $909 billion of mortgage-backed securities. In the past year it has purchased 73% of the mortgages that government-backed Fannie Mae, Freddie Mac and Ginnie Mae have turned into securities. Purchases by the Treasury pushed total government purchases above $1 trillion.

The Fed says it plans to top off its purchases at $1.25 trillion by the end of March, but must decide in the months ahead whether the economy is strong enough to stick with that plan.

Please comment below, let me know what your thoughts are

admin Uncategorized Bond Market, Fannie Mae, Fed Officials, Federal Reserve, Fixed Rate Mortgage, Freddie Mac, Ginnie Mae, Government Purchases, Government Support, Home Builders, Lazard Asset Management, Material Increases, Mortgage Backed Securities, Mortgage Foreclosures, Mortgage Investors, Mortgage Rates, Percentage Point, Portfolio Manager, Stop Buying Mortgages, Term Interest, The Federal Reserve, Year Fixed Rate Mortgage