Fannie Mae delays foreclosures 45 days for Hardest Hit Fund programs

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The Norris Group Real estate news roundup 1/20/11. Housing Wire – "Fannie Mae delays foreclosures 45 days for Hardest Hit Fund programs" (1-20-11) "Fannie Mae directed its mortgage servicers to delay scheduled foreclosure sales 45 days for borrowers that have been approved for.

However, the new changes in the Hardest Hit Fund programs don’t expose the FHFA supervised Fannie Mae and Freddie Mac to financial loss. The money for the program will be funded by state run Hardest Hit Funds. This is good news for a few underwater borrowers in financial hardship, in a limited number of states.

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The Hardest Hit Fund (HHF) provides $7.6 billion to 18 states and the District of Columbia to assist struggling homeowners through locally tailored programs administered by each respective housing finance agency (HFA) in order to help prevent foreclosures and stabilize housing markets. These areas were designated "hardest hit"

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Fannie Mae directed its mortgage servicers to delay scheduled foreclosure sales 45 days for borrowers that have been approved for assistance through the Hardest Hit Fund. In June, the Obama. However, the new changes in the Hardest Hit Fund programs don’t expose the FHFA supervised Fannie Mae and Freddie Mac to financial loss. The money for.

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Fannie Mae has issued a notice to its servicers, instructing them to postpone foreclosure proceedings for unemployed homeowners who are receiving financial help through Hardest-Hit Fund programs run by state housing finance agencies. According to the GSE’s newly released directive, if a housing finance agency (HFA) notifies a servicer that a borrower has been approved for assistance, the.