loan modification: 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)
loan modification: Mortgage Help Center Opens in Sacramento
- 09/08/11 06:06 AM
The Sacramento Bee published an article Yesterday about the new Fannie Mae Help Center that recently opened in Natomas. The center will assist homeowners who have loans owned by Fannie Mae. Coincidentally, they own most of the mortgages in the Sacramento region. As the article states, the center is one of ten that have opened countrywide in the past year. The centers have been placed strategically in cities that have the highest rates of foreclosures. Sacramento ranks in the top 10 of hardest-hit cities. Prior to the opening of the location in Natomas, centers were set up in Tampa, Atlanta, Phoenix, … (0 comments)
loan modification: 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)
;)
;)
