Breaking News: Fannie Mae/Freddie Mac Agree to Sell Back Foreclosed Properties to Prior Owners
In a welcome turn of events, Fannie Mae/Freddie Mac have agreed to begin selling foreclosed properties back to former owners or third-party organizations at market value. Previously, these organizations has refused to consider these types of deals, leaving many former homeowners who had the means to repurchase their homes from being unable to do so. Several months ago, the Commonwealth of Massachusetts lost its case against Fannie Mae/Freddie Mac to require these organizations to comply with state law that required buy-back deals for former homeowners.
This news is welcome relief for many former homeowners, who often face Fannie Mae/Freddie Mac in foreclosure cases.