Great news this week from our Government to help those who are more than 90 days late on their mortgage. Let's keep track on Active Rain if the results are as promissed and people are having any luck.
According to the CAR Market Matters Advisory, "The Federal Housing Finance Agency (FHFA) this week announced a new government program to help mitigate foreclosures on loans owned or guaranteed by Fannie Mae and Freddie Mac. The program is targeted toward borrowers who are at least 90 days delinquent in their mortgage payments and have a high loan-to-value ratio. Reduced interest rates and longer terms of as much as 40 years may be offered to qualified borrowers. Some economists believe that areas such as California, Florida, and other high-cost areas will benefit the most from the program due to larger debt loads and higher rates of nontraditional mortgages".
Anyone who has been working with this program please let the rest of us in on the news. Happy Blogging!!!
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