Government-sponsored action Freddie Mac has appear a set of new accident acknowledgment and foreclosure prevention guidelines and revisions in Guide Bulletins 2014-19 and 2014-20 that accommodate a new deeds-in-lieu of foreclosure incentive, increased foreclosure timelines, and added foreclosure abatement for account associates and their dependents.
Freddie Mac is alms a added allurement of up to $7,000 for new borrower evaluations for deeds-in-lieu of foreclosure that are conducted on or afore December 1, 2015. Borrowers in Connecticut, District of Columbia, Illinois, Maryland, Massachusetts, New Jersey, New York, or Pennsylvania who complete a Freddie Mac accepted deed-in-lieu of foreclosure transaction are eligible. The new deed-in-lieu borrower allurement is appointed to go into aftereffect on February 1, 2015, but servicers at Freddie Mac accept been encouraged to apparatus the new allurement as aboriginal as November 14, 2014.
Foreclosure timelines accept been added in 47 jurisdictions for all foreclosure sales completed on or afterwards November 1, 2014, as a aftereffect of Freddie Mac’s contempo analysis of accompaniment foreclosure timelines. An adapted account of Freddie Mac’s accompaniment foreclosure timelines can be begin in Guide Exhibit 83.
As allotment of Freddie Mac’s charge to alive assignment servicemembers, Freddie Mac is alms added foreclosure abatement to account associates and their dependents. Foreclosure abatement will be continued to mortgages while the account affiliate is alive for one year afterwards aggressive account ends back the borrower: 1) is a account affiliate and the mortgaged acreage is the account member’s primary residence, behindhand of back the mortgage accommodation was originated; 2) is a abased of the account affiliate and the mortgaged acreage is the primary abode of the account affiliate or his or her dependent; 3) was a account affiliate who died during alive aggressive account and the mortgaged acreage continues to be the primary abode for a abased of the account member. Servicers can actuate if a borrower is acceptable for these allowances by blockage Freddie Mac’s Mortgage Abatement Options for Account Associates web site.
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