how many fannie mae foreclosures by state

HOW MANY FANNIE MAE FORECLOSURES BY STATE CODE

The federal government also insures mortgages through the Federal Housing Administration and the Department of Veterans Affairs. Federal credit unions are chartered and regulated by the National Credit Union Administration.įederal agencies that purchase loans and mortgages are the Federal National Mortgage Association or Fannie Mae, the Federal Home Loan Mortgage Corporation or Freddie Mac, and the Government National Mortgage Association or Ginnie Mae. The Comptroller of the Currency charters and regulates national banks. The Office of Thrift Supervision, an office in the Department of the Treasury, regulates federally chartered savings associations. Mortgages are regulated by federal or state law or agencies depending on under whose law they were chartered or established. The law of mortgages is mainly governed by state statutory and common law. A mortgage may be used as a security interest by the mortgage. When a mortgage is a negotiable instrument it is governed by Article 3 of the Uniform Commercial Code.

HOW MANY FANNIE MAE FORECLOSURES BY STATE CODE

For example, Article 9 of the Uniform Commercial Code governs conflicts between mortgages on real property and liens on fixtures (personal property attached to a piece of real estate). If the mortgage being foreclosed is not the only lien on the property then state law determines the priority of the property interests. The law of contracts and property govern the transfer of the mortgage's interest. In 1982, Congress made these clauses enforceable nationwide by passage of the Garn-St Germain Depository Institutions Act of 1982. These clauses allow acceleration (having the principal and interest become due immediately) of the mortgage. Mortgages employ due-on-sale and due-on-encumbrance clauses to prevent the transfer of mortgages. Some states hold that even when the purchaser of a property subject to a mortgage does not explicitly take over the mortgage the transfer is assumed. The mortgagor and the mortgagee generally have the right to transfer their interest in the mortgage. Finally, the intermediate theory applies the lien theory until there is a default on the mortgage whereupon the title theory applies. Most states, however, follow the lien theory under which the legal title remains with the mortgagor unless there is foreclosure. Under the title theory title to the security interest rests with the mortgagee. Three theories exist regarding who has legal title to a mortgaged property.

Some states use instruments called deeds of trust instead of traditional mortgages. Many states regulate acceleration clauses and allow late payments to avoid foreclosure. The most common processes are court proceedings (judicial foreclosure) or grants of power to the mortgagee to sell the property ( power of sale foreclosure). The foreclosure process depends on state law and the terms of the mortgage. Failure to pay the mortgage debt once foreclosure of the land occurs leads to seizure of the security interest and its sale to pay for any remaining mortgage debt. This is accomplished through an acceleration clause in the mortgage. Foreclosure allows the mortgagee to declare that the entire mortgage debt is due and must be paid immediately. Failure to make payments results in the foreclosure of the mortgage. Normally, a mortgage is paid in installments that include both interest and a payment on the principle amount that was borrowed. The mortgagee, usually a financial institution, is the provider of the loan or other interest given in exchange for the security interest.

The mortgagor is the party transferring the interest in land. It is the most common method of financing real estate transactions. A mortgage involves the transfer of an interest in land as security for a loan or other obligation.

How many fannie mae foreclosures by state