Nursing the market
Freddie Mac today told mortgage servicers it was doubling the amount of money it pays for each workout that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of foreclosure.
This may be the beginning of a recovery. Freddie Mac also announced it would start reimbursing servicers for the cost of door-to-door outreach programs, give servicers more time to negotiate workouts in states with fast foreclosure processes, and make administrative changes intended to streamline the workout process.
Meanwhile home seller as starting to take their homes off the market... Sellers are deciding not to be pushed and bullied into selling their homes at ridicules low market values. Many home sellers will wait for the market to recover and hence a seller market may be closer than you expect. Huh, well we will see.
Don't hesitate to call if you have any questions about the current real estate market.
Frank Harris
Real Estate Consultant 240-472-9008
What can I say, expect CONGRATULATIONS on Baltimore'w own Michael Phelps. 8 Golds!!