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New foreclosure regulations to keep Houston homeowners informed
October 17th, 2011 10:15am
New mortgage standards for major lenders are due to take effect starting January 2012, Marketwatch reports.
The new rules have been in effect for months, but only on a voluntary basis. Starting in 2012, these regulations will be mandatory.
The new standards are known as the servicer alignment initiative and will be applicable to all mortgages backed by Freddie Mac, Fannie Mae and the Federal Housing Administration, reports the news source.
Under the new rules and regulations, servicers will be required to provide guidance on foreclosure alternatives for borrowers who are 30 days delinquent. The alternative measures include loan reinstatement, eliminating delinquency through repayment programs, government modification programs or a private short-sale process.
"In that 30-day time period the borrower is going to be evaluated for the best alternative," Freddie Mac servicing director Robert Kimble told the source.
According to RealtyTrac, Houston has been hit hard with foreclosures and short-sales in past years. This new program will ensure owners of Houston homes are well informed on the foreclosure process and given a chance to look for alternatives.
Price-reduced homes remain widespread nationwideA report from California-based ZipRealty finds homesellers in many parts of the country continue to cut their asking prices, providing affordable options for those looking to buy Houston homes.April 27th, 2011 11:00am