Mortgage Release™ | Fannie's New Option (Standard Deed-in-Lieu of Foreclosure and Deed for Lease) Requirements and Updates to Standard Short Sale/HAFA II Requirements

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Mortgage Release™ | Fannie’s New Option (Standard Deed-in-Lieu of Foreclosure and Deed for Lease)

Mortgage Release™ | Fannie’s New Option (Standard Deed-in-Lieu of Foreclosure and Deed for Lease)

This Announcement introduces new requirements for the Fannie Mae Mortgage Release (formerly referred to as deed-in-lieu of foreclosure) processes as part of the Servicing Alignment Initiative. These new requirements are consistent with the aligned policies described in the Federal Housing Finance Agency’s Directive to Fannie Mae and Freddie Mac to help simplify and streamline the Mortgage Release processes. In addition, Fannie Mae is replacing all references in the Servicing Guide to the term “deed-in-lieu of foreclosure” with “Mortgage Release.”

Fannie Mae will now offer three exit options for borrowers completing a Mortgage Release, the three exit options are:

  • immediate move (standard Mortgage Release),

 

  • three-month transition with no rent payment required, and

 

  • twelve-month lease with market rent payment.

[FANNIE MAE]

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One Response to “Mortgage Release™ | Fannie’s New Option (Standard Deed-in-Lieu of Foreclosure and Deed for Lease)”

  1. And the shell game goes on. Pretending to own what they dont own and make deals they have no authority to make.
    http://propertydefensenetwork.com/blog/2012/07/26/welcome-to-freddie-and-fannies-mortgage-shell-game/

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