default: Help for Unemployed Homeowners through the Making Home Affordable Programs - 07/03/10 11:49 AM
Beginning August 1, 2010...participants in the Making Home Affordable (MHA) Program will be assisting homeowners who are currently unemployed. The Unemployment Program (UP) offers homeowners a forbearance period to temporarily reduce or suspend their monthly mortgage payments while they seek re-employment. These loans are held by Fannie Mae or Freddie Mac, to read the guidelines for the Unemployment Program for non-GSE servicers, click here.
PROGRAM DETAILS: Minimum forebearance period is 3 months (the mortgage servicer has the option to extend this period depending on the investor and regulator guidelines). If the homeowner becomes employed then the forebearance … (5 comments)
default: Homeowners...Walking Away from you home should never be an option - 04/03/10 12:13 PM
Walking away from your home should NEVER be an option. Owning a home comes with many decisions that have to be made and homeowners must remember their obligations. Walking away from your home will do more harm than good, by walking away from you home you have decided to: Ruin your credit: Foreclosure remains on credit reports for 10 years or more and remains as a public record permanently. Typically, a foreclosure will affect your credit score for several years and lower your score significantly. Subject yourself to a deficiency judgement: the bank has the right to pursue a deficiency judgement. … (5 comments)
default: When Is it a good Idea to Consider a Deed-In-Lieu of Foreclosure - 12/10/07 01:13 PM
Decisions. Decisions. Decisions. If you are late on your payments and are trying to think of some options as to what you can do to avoid foreclosure, here are some options: Repayment Plan Reinstatement Forebearance or Loan Modification Agreement Refinance Bankruptcy Short Sale Deed-in-lieu of Foreclosure What is a deed-in-lieu (DIL) of foreclosure? A borrower can contact their lender and offer the lender title to the property "as is" and walk away from their interest in the house. The advantage of the Lender accepting a DIL is eliminating the extra expense of the foreclosure proceedings. The Lender, however, is not required … (11 comments)
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Beginning August 1, 2010...participants in the Making Home Affordable (MHA) Program will be assisting homeowners who are currently unemployed. The Unemployment Program (UP) offers homeowners a forbearance period to temporarily reduce or suspend their monthly mortgage payments while they seek re-employment. These loans are held by Fannie Mae or Freddie Mac, to read the guidelines for the Unemployment Program for non-GSE servicers, click here.
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