mortgage modification: Fannie Mae, Freddie Mac Offer Troubled Home Owners New Foreclosure Alternative
- 04/08/13 09:23 PM
Fannie Mae and Freddie Mac will offer a new, simplified loan modification program to help troubled borrowers avoid foreclosure and stay in their homes. Beginning July 1, borrowers who are at least 90 days delinquent on a Fannie Mae- or Freddie Mac-guaranteed mortgage will be allowed to lower their monthly payments and modify their mortgage without having to fill out financial or hardship documentation. Fannie Mae and Freddie Mac guarantee about half of U.S. home mortgages. Most foreclosure avoidance programs, including the federal government’s Home Affordable Modification Program (HAMP), make you fill out financial forms documenting your income, expenses, and … (1 comments)
mortgage modification: Deficiency Judgment Explained with video
- 12/22/11 02:58 PM
This is an excellent video that explains what a deficiency judgement is. I was speaking with a distressed home owner this afternoon and her biggest obstacle in her efforts to get a mortgage modification was that she could not understand exactly what the various terms meant when she was speaking with her mortgage company. She was hesitant to agree to conditions that she didn’t fully understand. Video link: http://amymullenremax.wordpress.com/2011/12/22/deficiency-judgment-explained-with-video/ This video describes a lender’s right to a “deficiency judgment” when a property is sold in a short sale or foreclosed upon. Agents who hold the Certified Distressed Property Expert (CDPE) … (3 comments)
mortgage modification: 10 Warning Signs of a Mortgage Modification Scam
- 12/06/11 09:40 AM
In this environment, there are many people who truly do want to help a fellow home owner in distress. There are also people who will gladly prey on the desperation of a distressed home owner and make the situation worse. In some cases, home owners have a very limited amount of time to make decisions before they are made for them. Making the wrong one can cost a lot more than the money paid up front. The Office of the Comptroller of Currency has recently identified the top 10 slogans associated with a mortgage modification scam: 1. “Pay us $1,000, … (1 comments)
Fannie Mae and Freddie Mac will offer a new, simplified loan modification program to help troubled borrowers avoid foreclosure and stay in their homes.
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