LenderLive’s CEO called the deal “a win-win for everyone involved”
Thousands of homes in six counties would be at risk
Cash has been king since 2008 when the market crashed. Because so many toxic banks were taken over by the FDIC, they established various bidding platforms whereby assets are bundled and then offered for sale to qualified, registered bidders.
The Federal Housing Finance Agency (FHFA) regulates Fannie Mae and Freddie Mac, two government-owned organizations backing most home loans in the United States. It has announced that new regulations will become effective on November 1, and the goal is to simplify the process of making a short sale. When such a transaction takes place, the mortgagee allows the borrower to sell their home for less than they owe on their mortgage as a way of avoiding foreclosure.