Q:

What are HomePath foreclosures?

A:

Quick Answer

HomePath foreclosures represent homes owned by federal mortgage backer Fannie Mae where former homeowners forfeited the property during foreclosure proceedings, according to Fannie Mae. The goal of HomePath is to resell the homes in an efficient manner to prevent any possible negative impact on a community.

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Full Answer

Users can search the HomePath website to find properties to purchase, notes Fannie Mae. Owners may utilize the First Look program, which gives priority to people who plan on purchasing a home and then living in the property. The First Look opportunity allows resident-owners to purchase a property without competing against investors. Once the First Look period elapses, normally after 20 days, investors can make offers to buy foreclosed properties.

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