Freddie Mac Bulletin NUMBER: 2012-5 | Servicers Must Waive All Rights to Pursue Deficiency from Short Sales and Deed-In-Lieu of Foreclosure

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.

Bulletin below…

~

4closureFraud.org

~

Freddie Mac Bulletin NUMBER: 2012-5

Comments
4 Responses to “Freddie Mac Bulletin NUMBER: 2012-5 | Servicers Must Waive All Rights to Pursue Deficiency from Short Sales and Deed-In-Lieu of Foreclosure”
  1. Barbra Orr says:

    Is someone going to closedown Freddie Mac??????? Put them out of there misery close the doors of Freddie Mac.

    • lvent says:

      First why don’t we AUDIT THE U.S. TREASURY DEPT. UNDER HANK PAULSON &CO….AND THE FED UNDER BOTH THE CLINTON AND BUSH ADMINISTRATIONS….??? WHO HAD THE KEYS TO THE VAULT WITH ALL OF THE PEOPLES MONEY IN IT….? AND WHO AUTHORIZED THOSE ILLEGAL PAYOUTS AND TRANSFERS OF THE U.S. TAXPAYER MONEY AND WHO RECEIVED THAT HIJACKED, STOLEN TAXPAYER MONEY…..?? WE THE PEOPLE DEMAND TO SEE ALL OF THE DELIVERIES AND CONFIRMATIONS AND WHO AND WHEN THEY WERE ISSUED…..BECA– USE WE THE PEOPLE HAVE THE RECEIPTS WHICH ARE OUR DEEDS…. THAT IS OUR PHYSICAL PROOF…OUR STAMPED PAID RECEIPTS IN OUR POSSESSION…THAT PROVES WE PAID FOR OUR HOMES AND BUSINESSES……,!

  2. Hell No, No More Blasted Bankster Bail-Outs says:

    SERVICERS? Oh, yeah. As the PROXY for the ‘INVESTORS’? Do the servicers REALLY have the power to commit the investors to any such deal? REALLY?

    Servicers supposedly did not have the power to modify the mortgages on behalf of the INVESTORS, yet now they CAN commit to waiving rights to deficiencies?

    Those investors are really getting the shaft every possible way. The investors would have been better off with the modified loan that would then have a chance at performing. The SERVICERS ant other parties are the only ones benefiting.

  3. For us Realtors, this is important and it would be good to have full understanding on any other companies that may have published this mandate. IF anyone has compled a list or knows of any such list, please let us know.

Leave a Reply