There are programs designed to help financially troubled homeowners through loan modifications.Bank of America, who acquired Countrywide Financial Corporation in July, is one of the lenders offering these programs. For example, the new program modifies troubled mortgages with up to $8.4 billion in interest rate and principal reductions for about 400,000 Countrywide customers nationwide.These programs are designed to achieve affordable mortgage payments forborrowers who financed their home purchase with subprime loans and originated before December 31, 2007. This modification process provides relief for eligible borrowers who are seriously delinquent, or likely to become so, as a result of … (0 comments)
huntersville real estate: Short Sales and Pre-Foreclosure Sales ~ Opportunities for Buyers and Sellers
- 10/02/08 10:47 AM
Short Sales and Pre-Foreclosure Sales ~ Opportunities for Buyers and Sellers There are ways to avoid foreclosure that can help save a Homeowner's credit. Selling the property is one of them. Homeowners who have equity in their property should try to sell prior to slipping into a foreclosure status. If the property owner does not have equity in the property, there a two options they should consider. A SHORT SALE IS WHERE THE LENDER AGREES TO TAKE LESS THAN THE FULL AMOUNT OWED ON THE PROPERTY. The owner will not receive any equity from the property, in this case. However, this … (0 comments)
huntersville real estate: Loss Mitigation Counselors ~ Help for Homeowners
- 09/24/08 03:02 PM
Loss Mitigation Counselors ~ Help for Homeowners Loss Mitigation Counselors are a network of Real Estate Professionals who are passionate about helping distressed homeowners. I became apart of this community about a year ago, due to the concerns I had for our local real estate market and what seemed to be a growing epidemic of foreclosures . There's nothing sadder than a property owner losing their home. When the homeowner becomes delinquent on their mortgage payments, the lender can foreclose on the property. Loss Mitigation is a process by which foreclosure can be avoid. We, as Loss Mitigation Counselors, assist the … (0 comments)
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