Posts Tagged ‘Fannie Mae’
While foreclosures in Wisconsin are down, the housing crisis still exists in Milwaukee, Kenosha, Waukesha, and other southeastern Wisconsin communities that Miller and Miller serves. Here is a link to an interesting article from MSN Money on why something needs to be done to remedy the housing crisis, along with a unique solution.
If you live in the Milwaukee metro area and are looking for ways to keep your home, contact Miller and Miller today. And remember that we have offices conveniently located in Milwaukee, Kenosha, and Germantown to ensure that everyone in southeastern Wisconsin has an office close by.
The Milwaukee Journal Sentinel is reporting this morning that the number of new foreclosure cases in Milwaukee dropped 8% in June compared to foreclosure filings in June 2010. The article went on to say that monthly totals remain at elevated levels for the area, as high unemployment and a week housing market continue to take a toll.
In a response to these foreclosure filings the bankruptcy court for the Eastern District of Wisconsin has initiated a mortgage mediation program. This program helps people overcome large arrearages on mortgages so that they are able to stay in their homes. Call me anytime at 414-277-7742 for further information on this opportunity to save your home.
http://www.millermillerlaw.com
As of 2008, Fannie Mae and Freddie Mac owned or guaranteed about half or 56.8% of the U.S.’s $12 trillion mortgage market. Fannie Mae announced recently that it intends to fight back against homeowners who walk away from their property without making an effort to negotiate a workout with the mortgage servicing company. Fannie Mae has instructed servicing companies to identify those homeowners who do not attempt, in good faith, to negotiate a workout. Identifying these homeowners will allow Fannie Mae to pursue deficiency claims against them if the property ends up selling for less than what is owed. Fannie Mae also intends to bar the homeowners from obtaining a Fannie Mae guaranteed mortgage in the future for a period of seven years. This move by the mortgage giant is in reaction to a growing response by some homeowners who, fed up with crashing market values, strategically default on their mortgages and walk away from their property.
Fannie Mae, Freddie Mac suspend foreclosures for holidays.