[quote=spdrun]They’re essentially selling the debt to other banks which will either modify the loans, negotiate short sales, or foreclose, same as FNMA is doing itself. For small investors looking to buy properties, no difference, except that the properties that were foreclosed will end up on the new loan owner’s sites instead of on Homepath.com.
In order to gain a rentable property, this will involve going through the entire pre-foreclosure and foreclosure process. Better to buy an REO, short sale, or sheriff’s sale after someone else has gone through the legwork.[/quote]
The article is pretty vague as to “why?”
I don’t understand why FNMA hasn’t foreclosed on ALL these deadbeats by now and haven’t/aren’t marketing these properties on their homepath website. They’ve been pretty successful dumping properties from all over the nation on Homepath.
I’ve seen at least a dozen FNMA assignments recorded by various lenders since the new year in my “local research.” Two I know for a fact were mods, taken from previous years which could easily be failed mods by now.
Why wouldn’t FNMA just foreclose on their servicers’ failed mods? The homedebtors taking out these mods were just “buying time” to reserve the opportunity for more months in the future to “squat.” They never intended to adhere to the terms of the mod. It’s a joke and “working with delinquent home `owners'” is also a joke on the taxpayers.
Has FNMA not yet learned anything from this debacle of epic proportions?
I don’t believe the any of the moratoriums were extended into 2015 in CA so we should be back to the 111-121 day non-judicial foreclosure process.
