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Home Affordable Foreclosure Alternatives (HAFA) for Non-GSE Loans
A couple weeks ago when I wrote about the Home Affordable Foreclosure Alternatives program, I got some questions about what you could do if your loan wasn’t serviced by Fannie Mae. Well, I did a bunch of searching around and found the training video below on the HAMP Admin web site…
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan – Part 4
14. January 2010
There are several limitations and items to be aware of before you contact your servicer about a Payment Reduction Plan. For example, they can't stop your current forbearance to begin a PRP forbearance. They also can't charge you any additional fees during the PRP forbearance period. Come see the other limits and gotchas to be aware of.
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan – Part 3
13. January 2010
Today we discuss the PRP process. The servicer must evaluate the borrower’s financial circumstances to determine an affordable monthly amount that the borrower can contribute towards the mortgage obligation. If the amount of the borrower’s contribution (minus any amounts required for monthly taxes, insurance, and other escrow payments for mortgage loans with escrow accounts) is at least 70 percent...
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan – Part 2
12. January 2010
The PRP is available to borrowers who do not qualify or are not eligible for HAMP and who are either in default or are at risk of imminent default. If this describes you and you need a payment reduction while your servicer takes thie time deciding on your loan, check out part 2 of this article now!
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan
11. January 2010
The Payment Reduction Plan (PRP) replaced the HomeSaver Forbearance (HSF) program in Fannie Mae’s Workout Hierarchy as of 31 Oct 09. The goal of the PRP is to allow additional time to identify a permanent foreclosure prevention solution. Come read part one to see if you're eligible...
Continue reading...HAMP Update – New Program Offers Borrowers Foreclosure Alternatives
4. January 2010
As part of the Home Affordable Modification Program (HAMP), the Home Affordable Foreclosure Alternatives Program (HAFA) provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu (DIL) to avoid foreclosure on a HAMP-eligible loan. If you're eligible for a HAMP mod but can't complete it for one reason or another...you need to see the rest of this article now!
Continue reading...Home Affordable Short Sale Program – Will it Help You?
30. September 2009
I wrote a couple weeks ago about Congress’ latest change to the Home Affordable Program…they want to add incentives for lenders to offer short sales and/or deeds in lieu so they won’t actually have to foreclose. When I wrote that, there was no news out on the program, but now the Treasury Department has released the latest program update and here’s what I’ve learned.
Continue reading...Home Affordable Program for Short Sale & Deed in Lieu?
11. September 2009
According to Housingwire.com, Congress expects to put out a program similar to the Home Affordable plan to help homeowners trying to short sell their home or give it back to the bank through a deed in lieu. And they expect to have the details out by late this month...come to the site to see what it may mean for you and me as we try to short sell...
Continue reading...Calling Your Servicer About Loan Mods – Is Success Possible?
8. September 2009
A video released by Freddie Mac says that it is…and that having your documents all lined up and ready to go will help make things easier for you and your servicer. I think you'll agree the video over simplifies a very complicated and convoluted process and makes it appear as if the problem is with homeowners not being prepared when they call their servicer. Com see if you agree...
Continue reading...Home Affordable Mods Come to FHA
4. August 2009
Do you have a FHA mortgage on your home and wish you could participate in the Home Affordable Loan Modification program? Up until now, you couldn’t…but that’s changed! Come see how as well as why it's a blessing in disguise!
Continue reading...How to Determine Imminent Default – Home Affordable Modifications
21. June 2009
According to President Obama's Home Affordable Modification Program, missing payments isn't a requirement for you to qualify. As a matter of fact, one of the stated goals is to reach homeowners who are in danger of "imminent deafult." One of the problems, though, is that no one has been talking about what that actually means. For today's article, I went straight to the source...Freddie Mac...and got the answer. Now you'll know exactly how to figure out if you're in danger of imminent default from your servicer's perspective and what to do if they say you aren't.
Continue reading...Home Affordable Deeds in Lieu and Short Sales
22. May 2009
So what happens if your servicer says you don't qualify for a Home Affordable Modification or Refinance? The Treasury Department and HUD have added to the Making Home Affordable program to answer that question. If you're eligible for a Home Affordable Mod or Refinance but did not qualify, you need to check this out now...
Continue reading...My Short Sale Part 5
18. March 2009
Part 5 in the on-going series of posts about selling our home in Virginia with an underwater mortgage. As 2009 rolled around and we looked at out interest rate resetting, we were becoming concerned about what was going to happen to our payments. After looking at the options, we were pretty sure we wanted to sell. So I drafted an explanatory e-mail to our tenants explaining we were considering selling the house at the end of their lease. Come to the site to see how they responded.
Continue reading...My Short Sale Part 4
14. March 2009
Part 4 in the on-going series of posts about selling our home in Virginia with an underwater mortgage. When we bought our house in March 2006, it appraised for $310,000. We were pretty happy with that considering we were paying $303,000. We figured we had $7,000 of built-in equity. What we didn't know was we were at the very top of the market.
Continue reading...My Short Sale Story…Part 3
3. March 2009
As the date for our first mortgage ARM reset draws near, we've been increasingly concerned about what it's going to mean to our finances. Even though our interest rate will drop from 6 percent to about 4.75 percent, our payment will still go up...come see why and double-check my math...
Continue reading...My Short Sale Story…Part 2
23. February 2009
This is part 2 in the on-going saga of selling our house in Virginia with an underwater mortgage. Today's topic is the financing we got when we purchased the house. We bought our house for $303,000. Looking back, it was more than we could really afford, but I had just gotten a big raise and promotion at work and we were tired of...
Continue reading...My Short Sale Story…as it happens
18. February 2009
Last October, I wrote about the rental house we left behind in Virginia when my company moved us unexpectedly. Well, it looks like we're going to be selling it here in the next couple months...and we're upside down on the mortgage. So I thought it might be helpful and encouraging to you if I exposed our situation as we walk through it. I'll post about once a week, so come along as my team helps my family and puts itself to the test right before your eyes...
Continue reading...Who Determines What’s An Acceptable Workout?
19. October 2008
When you start negotiating with your lender or servicer, it may seem like they're dragging their feet. But what you don't see is everything that's going on in the background. Because of the primary and secondary mortgage markets and private mortgage insurance, your service may just be collecting your information to pass on to someone else. The more you know about your loan and the mortgage market in general, the better off you'll be in negotiations. Check out the video on why mortgage guidelines matter to you as a consumer too.
Continue reading...What I Forgot to Say
14. October 2008
Yesterday's post about being proactive and calling your lender BEFORE you miss any payments left one important fact out. I was reminded of this when I tried to call my own lender this morning and got the cold shoulder. Find out why...and what you can do about it.
Continue reading...The Unfortunate Truth
13. October 2008
It seems all the focus in the press and on the Internet these days is about homes in foreclosure and what you can do to exit foreclosure. But what if you're not in foreclosure yet? What if you haven't missed any payments? What if you're struggling every month to put food on the table and pay all the bills but so far you've been able to do so? First of all, let me say you're not alone! You have options...unfortunately, though, they're nearly all dependent upon your lender or servicer. Follow this checklist to start the process...be proactive rather than waiting for the inevitable.
Continue reading...Workout Options not Dependent on Lenders
19. February 2008
Selling your home is the most common way to exit foreclosure without getting approval from your lender. If selling isn't an option for you, you can also consider pursuing legal action against you lender or filing bankruptcy in some situations. Both of these actions, however, require local, experienced legal counsel.
Continue reading...
- Home Affordable Loan Modifications Begin--Foreclosure Moratorium Ends
- My First Rant -- The Foreclosure Industry
- Make Your Lender Reconsider Your Mod Eligibility
- Hope for Homeowners Equity Sharing
- Create Your Own Hope Rather Than Putting It In Your Servicer
- HAMP Switches Gears…Away from Mods to “Avoiding Foreclosure”
- The 3 Steps Your Lender Must Take for a Home Affordable Modification
- Called on the Carpet for Denied Loan Mods – Is Wells Fargo the First of Many?
- HomeSaver Forbearance from Fannie Mae
- Interviewing a Professional Hardship Letter Writer
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19. February 2010
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