HomeSteps is a division of Freddie Mac; Freddie Mac purchases loans from lenders based on Freddie Mac's underwriting guidelines (this is how your request for a loan gets approved or not); the lender then sells your loan to Freddie Mac, but still services your loan (billing, etc.) and gets a fee for doing so. Meanwhile, Freddie Mac is selling to investors on wall street, etc. who supposedly(!) get a piece of the money made on the interest. It's all very complicated...
Here's how it all works for residential single-family mortgages: - A homeowner sends the monthly payment to the lender or a mortgage servicer that manages the payments. - The servicer keeps a small fee for managing the borrowers' payments and sends the rest of the monthly payment to Freddie Mac. - Freddie Mac passes through the remainder of the mortgage payment to investors who hold our mortgage securities. Now, this particular home is now gone into foreclosure, and it's up to Freddie Mac (now in the department of HomeSteps, a unit of Freddie Mac) to sell the property and try to recover some of their losses. Freddie Mac offers homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative. This on-going initiative offers owner occupant homebuyers, Neighborhood Stabilization Program (NSP) grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listing (30 days in Nevada), without competition from investors. You can still purchase the property; you just need a good realtor who knows how to handle the contract and paperwork! Our team of real estate professionals, RE/MAX Of Greensboro, has helped many homebuyers purchase Freddie Mac owned properties. Please call us if you would like to learn more and visit our website at http://www.forsalegreensboro.com to search listings.
Michael Jones Realtor (336) 750- 6453 or (800) 950-6453
Email me: firstname.lastname@example.org