Freddie Mac to Servicers of its loans trying to go after deficiency from short sale, deed-in-lieu 'Don't Go There'

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Freddie Mac to Servicers of its loans trying to go after deficiency from short sale, deed-in-lieu ‘Don’t Go There’

Freddie Mac to Servicers of its loans trying to go after deficiency from short sale, deed-in-lieu ‘Don’t Go There’

DEFICIENCY FROM SHORT PAYOFFS AND DEEDS-IN-LIEU OF FORECLOSURE

We have updated the Guide to reinforce the requirement that the Servicer, for itself and on behalf of Freddie Mac, must waive all rights to pursue payment of the remaining balance owed by the Borrower under a Freddie Mac-owned Mortgage for all approved short payoffs and deed-in-lieu of foreclosure transactions that have closed in accordance with the Guide and applicable law.

Sections B65.41, Closing, Reporting and Remittance Requirements, and B65.48, Closing, Reporting and
Remittance Requirements, have been updated to reflect this additional information.

[ipaper docId=82005758 access_key=key-1fyhr5ku2oigp3qa2kq1 height=600 width=600 /]

 

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One Response to “Freddie Mac to Servicers of its loans trying to go after deficiency from short sale, deed-in-lieu ‘Don’t Go There’”

  1. ian says:

    The question would be, WHY are they forbidding the servicers to go after a short sale or deed-in-lieu or a deficiency judgement? I have no idea, I am hoping someone else does.

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