Not sure why it took so long? Fannie Mae and Freddie Mac have been selling mortgages for some time. Most of the entities that buy these mortgages know how to handle these delinquencies. Others, not so much, I’ll share what I mean.
I received a call from an attorney in Springfield, MA. He told me that he represented a group of investors that purchased a package of mortgage loans in that area. That he has started foreclosure actions on all of the property owners and offered to give me all the contact information in hopes that I would contact them to see if I could obtain mortgages for these folks.
I didn’t want to tell him he was crazy, so I explained that mortgage financing was not available for people in foreclosure. I explained new guideline changes, which he had no idea about. He told me that each of these loans, hadn’t been paid for an average of 2 years. He thought he would have title to these properties in about 6 months. Unfortunately, he is in for a rude awakening.
HUD to Sell $1.7 Billion of FHA Delinquent Loans by Kate Berry
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
