Alabama Holds On, Things to Get Better Still
Freddie Mac announced a policy change on the 07/31/08 that will have a positive effect on Alabama bank foreclosures. Other states in the list include (in alphabetical order); Alaska, Arizona, Arkansas, California, Georgia, Hawaii, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Hampshire, North Carolina, Rhode Island, Tennessee, Texas, Virginia, West Virginia, Wyoming and Washington, DC; this in terms of Financial incentives that come into effect from August 1, 2008.
It has gone ahead and doubled incentives loan services helping borrowers avoid foreclosure. For negotiating payment plans, compensation has been raised from $250 to $500, for offering loan modifications compensation has been raised from $400 to $800 and in case of short sales any other pre-foreclosure sale that is for lesser than the total amount owed is has been raised from $1,100 to $2,200.
Freddie Mac has also increased incentives provided to loan servicers in order to perform door-to-door programs to reach pre-foreclosure properties. If a door hanger is left on a property and the borrower contacts the loan servicer due to the same, the servicer is to receive $50 (previously $15). For vendors used by servicers for the program that result in foreclosure being avoided an additional $200 would be paid. This is seen to uplift the Alabama bank foreclosure scenario.
In another announcement, Brian Kistler, CEO of Freedom Financial Holdings, Inc said that they have launched Freedom Mortgage Resolutions, Inc., covering sixteen states, Alabama bank foreclosures included. With more than 100 professionals in mortgage and real estate under their wings already, they carry on taking under their wings sales and mortgage professionals who are prepared to help home owners in the foreclosure process.
This move, he mentioned, was made because of the vast scale of foreclosures resulting in banks not having the time or dedicated man power to tackle the situation. Freedom Mortgage Resolutions’ CEO Robert Ruckstuhl said that professionals under him have the necessary experience with local markets and will work with all concerned to try and work on a solution suited to all involved.
With actions like these, Alabama bank foreclosures expect better times ahead.