DO YOU WANT TO AVOID FORECLOSURE? NEW LOAN MODIFICATION PROGRAM ANNOUNCED
November 11th, 2008 categories: Real Estate Resourcing, Uncategorized
The federal government announced new regulations to take effect December 15th to help troubled homeowners by speeding up the process for renegotiating thousands of delinquent loans held by Fannie Mae and Freddie Mac.
To qualify, borrowers would have to
- Be at least three months behind on their home loans
- Need to owe 90 percent or more than the home is currently worth
Investors who do not occupy their homes and those who have filed for bankruptcy are excluded from this plan.
Borrowers would get help in several ways:
- The interest rate could be reduced so that a homeowner would not have to pay more than 38 percent of their income on housing expenses
- The loan could be extended from 30 years to 40 years
- Some of the principal amount could be deferred interest-free
We can help you negotiate a loan modification or forbearance plan, help you find a quick buyer for your property and/or work to negotiate a short sale solution with your current Lender. Fill out the form below and we’ll help you determine which scenario you can qualify for.
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