refinance: Future Promises Serious Foreclosure Relief
- 02/10/12 08:30 AM
After a year of attempting a settlement with five of the nation's major banks, an agreement was made on Thursday with 49 states (Oklahoma being the exception) to resolve "abusive and negligent foreclosure practices" that were charged against the banks back in 2008. With $26 billion, the big lenders will aim to benefit both those that were wrongly foreclosed on in the past, and many home owners who are currently under water. An approximate $17 billion will go towards reducing principals for distressed home owners who are either under water or behind on payments. $3 billion will go towards helping those … (1 comments)
refinance: Short Refinance Program Initiated
- 09/09/10 06:08 AM
In an effort to help homeowners who owe more on their homes than they’re currently worth, the government will initiate its “short refinance” program on Tuesday, September 7, 2010. According to an August 6 Mortgagee Letter released by HUD (click here to download the entire letter), the program will allow “borrowers who are current on their mortgage to qualify for an FHA refinance loan provided that the lender or investor writes off the unpaid principal balance of the original first lien mortgage by at least 10 percent.” While lender consent is required and program participation voluntary, the FHA has stated the … (2 comments)
After a year of attempting a settlement with five of the nation's major banks, an agreement was made on Thursday with 49 states (Oklahoma being the exception) to resolve "abusive and negligent foreclosure practices" that were charged against the banks back in 2008. With $26 billion, the big lenders will aim to benefit both those that were wrongly foreclosed on in the past, and many home owners who are currently under water. An approximate $17 billion will go towards reducing principals for distressed home owners who are either under water or behind on payments. $3 billion will go towards helping those … (1 comments)
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