Archive for September, 2015

FORECLOSURE UPDATE – Fannie Mae extends foreclosure timelines in 33 states

September 3, 2015 4:49PMforeclosure_forsale_sign

 

In total, Fannie Mae increased the maximum number of allowable days for a foreclosure sale for 33 states, effective for foreclosure sales on or after Aug. 1.

Fannie Mae made the announcement Thursday in an email to its servicers.

According to the announcement, Fannie Mae increased the maximum number of allowable days for the following jurisdictions: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Nevada, New Mexico, New Hampshire, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Dakota, Tennessee, Texas, Vermont, Washington, West Virginia, Wisconsin, and Wyoming.

As part of its servicing guide, Fannie Mae establishes time frames under which it expects routine foreclosure proceedings to be completed.

According to Fannie Mae, the maximum number of allowable days takes represents the maximum allowable time lapse between the due date of the last paid installment and the completion of the foreclosure sale.

The allowable time frame also signifies the time typically required for what Fannie Mae calls a “routine, uncontested” foreclosure proceeding.

The allowable time frame reflects the legal requirements of the applicable jurisdiction, and takes into consideration delays that may occur outside of the control of the servicer, Fannie Mae said.

If the number of days to complete a foreclosure sale exceeds stated maximum number of allowable days and the servicer does not provide an adequate explanation to Fannie Mae as to the reasons for the delay, Fannie Mae requires the servicer to pay a “compensatory fee.”

According to Fannie Mae, the list of “reasonable explanations” includes:

  • Bankruptcy
  • Probate
  • Military indulgence
  • Contested foreclosure
  • The mortgage loan is currently in review for HAMP
  • The mortgage loan is in an active mortgage loan modification trial plan or unemployment forbearance
  • Recent legislative, administrative, or judicial changes to existing state foreclosure laws, provided that the servicer is diligently working toward resolution of the delay to the extent feasible

Fannie Mae noted in its announcement that there is currently a compensatory fee moratorium for Washington D.C., Massachusetts, New York and New Jersey and stated that the moratorium will last, “at a minimum,” until Dec. 31.

Landlord Question on Renting Single Family House to Companies

 
Hey Mike I hope you & your family are ready for the Holidays
I purchased you Landlord on Auto Pilot course great stuff & have used it on
all my rentals with much success.
 
​not sure how you did this John, but the date is Dec 14, 2014 – i guess it was hung up in cyber space somewhere

 

Ran across a new renter they are very interested in my new home.
He ask if I would consider corporate lease

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He said his company would pay for his rent monthly or give him the money to

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pay.

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I looked through your course & did not see anything on how to handle

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corporate leases?

ANSWER: ​I have done a boatload of these with companies and especially insurance companies when their victim needs housing from a fire, tree smashing, tornado or whatever.
 
​​All you do john, is put the company name as the TENANT, because they are the responsible party, and list the occupants as occupants.
 
#2 way to do it, is to list occupants as tenants and company as “Co-Signer”
 
either way will work
 
This is a single family rental house for residential use, not a commercial property.
Therefore, use the residential lease.​

 

 
Questions: