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Posts Tagged ‘fannie mae’

Deed for Lease

Posted by CM on November 5, 2009

Heads up everyone.  I just came across this on The AP about Fannie Mae starting a program that will accept your deed in return for a rental agreement.  The author said that this is a deed-in-lieu but it is not.  A deed-in-lieu is just you signing over your deed to the mortgage servicer and most of the time it is in full satisfaction so the MS cannot sue you for a deficiency or collect foreclosure fees or collect delinquent fees.  I tried to get a deed-in-lieu from PHH for a year.  You know what happened to me, foreclosed! 

Back to the article.  I haven’t come across this new FNMA program anywhere else so please be aware and read everything before you agree to this.  Once you sign your deed over, you are not guaranteed anything. 

Read the article: Fannie Mae to rent out homes instead of foreclosing. By Alan Zibel. The Associated Press. 11/5/09
URL: http://hosted.ap.org/dynamic/stories/U/US_FORECLOSURES_RENTALS?SITE=CADIU&SECTION=HOME&TEMPLATE=DEFAULT 

WARNING: This news came from a press release from FNMA today, but a quick search on FNMA’s website showed that only renters in foreclosed houses are eligible for this program.  Mortgage holders are not eligible.  See it here 
FNMA may sound well intentioned but my loan was an FNMA loan and did I mention that I was foreclosed on?  I will keep my fingers crossed that this is really a new program and that it will work.  We shall see.

Posted in Foreclosure, Green Tree Servicing, Mortgage Servicers, PHH Mortgage | Tagged: , , , , | 6 Comments »

Making Home Affordable

Posted by CM on August 5, 2009

Click here for the Making Home Affordable Servicer Performance Report through July 2009

I am sorry to say that PHH Mortgage is not directly listed here.  If you think they are known by another name on this list, let me know. 
However, any loans held by Fannie Mae and/or Freddie Mac are part of this program.  I know based on the letter I received from PHH Legal Counsel that Fannie Mae owns our loans so I will still apply pressure to PHH and use these reports as my basis.  Although I have no idea what PHH’s particular stats are since their involvement in this program appears to be hidden.

Posted in Congressional regulation, Foreclosure, Green Tree Servicing, J.P. Morgan Chase, Mortgage Service Providers, PHH Mortgage, Short-sales, Treasury, white house | Tagged: , , , , , , , , , | Leave a Comment »