The Federal Housing Finance Agency (FHFA) recently announced a new policy allowing homeowners who lost their homes to foreclosure the opportunity to buy their properties back at current market value if the properties are owned by Fannie Mae and Freddie Mac. This is a big step forward as previously the policy required the owners to purchase the home at the amount owed on the mortgage not at the current value of the home.
“This is a targeted, but important policy change that should help reduce property vacancies and stabilize home values and neighborhoods,” said FHFA Director Melvin L. Watt. “It expands the number of potential buyers of REO properties and is consistent with the Enterprises’ practice of requiring fair-market value for those properties.”
For more information about the new post foreclosure policy visit the FHFA website.
At The Estavillo Law Group, we represent homeowners who are being foreclosed upon by financial institutions that are not following California and Federal laws. In a number of cases these institutions do not even have the correct documentation to claim ownership of your loan. Even if you are facing imminent foreclosure we can help. The Estavillo Law Group has had great success stopping foreclosure even hours before the home was to be sold.
If you are concerned about a foreclosure or have a question regarding this new post foreclosure policy, please contact us for a free consultation while the law is on your side.