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Facing Foreclosure? Ask your Lender about the HomeSaver Advance Program.

By
Real Estate Agent with PalmerHouse Properties 341409

On Feb 27, 2008, Fannie Mae announced  that, as part of its HomeStayTM initiative to support its mortgage servicers as they provide at-risk borrowers with refinancing and loan workout assistance, it is offering a new option - HomeSaver AdvanceTM. 

Some of the highlights are:

A loan to cure the arrears up to $15,000 on a 1 year fixed rate of 5%.

6 month no interest/no payment option

and more!

HomeSaver Advance is designed to help qualified borrowers bring delinquent mortgages current and keep their homes. With HomeSaver Advance, servicers can now offer an unsecured, personal loan that will enable a qualified borrower to cure the payment default on a mortgage loan that Fannie Mae owns or has securitized, with fewer up-front costs and generally in less time.  This option is available threw most Fannie Mae approved servicers.....Follow the link to learn about the highlights, eligibility, etc. https://www.efanniemae.com/sf/servicing/pdf/homesaveradvance.pdf

Show All Comments Sort:
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Sherida - This is great information and a potential lifesaver for borrowers who are in trouble.

May 22, 2008 12:23 PM
Jennifer Kladny
Premier Servicing Company, LLC - Kittanning, PA

Great info!  This is the first I have heard of this.  I will be sure to take note.  Thanks for sharing.  JENNIFER

May 22, 2008 12:25 PM
Cyd Weeks
Palmcoasting.com Real Estate Corp - Palm Coast, FL
Realtor Palm Coast, Fl

Excellent.  Thank you for posting it.  Hopefully Realtors® will share it.

May 22, 2008 12:42 PM
Eric Meruelo
Springfield, MO
Vice President / Sr. Loan Officer

Great Information. thank you for sharing!

May 22, 2008 01:02 PM