Tag Archive | "fannie mae"
Changes to How Fannie Mae Determines Imminent Default
If your mortgage is held or serviced by Fannie Mae, whether or not you’re considered in danger of imminent default may be up for reconsideration..which may be good or bad....come see why...
Continue reading...What if Freddie and Fannie Weren’t There Any More?
Monday, January 25, 2010
Rep. Barney Frank (D-Ma.), chairman of the House Financial Services Committee, said Friday that Fannie Mae and Freddie Mac should be eliminated as they stand now. Does this mean anything at all for you, your mortgage, or your fight to keep your home? After all, Freddie and Fannie own or service over half of all mortgage loans in the country. Come see why it won't matter!
Continue reading...Your Lender’s Dirty Little Secret
Friday, January 15, 2010
Have you ever wondered how your lender or servicer decides what to do when you submit a hardship package to them? Come and see exactly how today!
Continue reading...HomeSaver Forbearance Becomes Payment Reduction Plan – Part 4
Thursday, January 14, 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
Wednesday, January 13, 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
Tuesday, January 12, 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
Monday, January 11, 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 – Temporary Review Period for Active Trial Modifications Scheduled to Expire on or before January 31, 2010
Wednesday, January 6, 2010
Effective December 23, 2009 and lasting through January 31, 2010, Treasury is implementing a review period for all active HAMP trial modifications scheduled to expire on or before January 31, 2010. Servicers may not cancel an active HAMP trial modification during this period for any reason other than failure to meet the HAMP property eligibility requirements. If you're in a HAMP trial period or have been kicked out of yours, you MUST read this post NOW!!!
Continue reading...Inside Loss Mitigation – How to Pick Your Workout
Monday, June 15, 2009
Ever wondered how your lender determines what workout to offer you? It seems like black magic sometimes, but there really is rhyme and reason to it. They have standard guidelines they have to follow as they consider your hardship package and decide what workout option to offer you. By knowing what they're looking for and shaping your hardship package in a truthful, yet most beneficial, way, you can stack the odds in your favor.
Continue reading...HomeSaver Forbearance from Fannie Mae
Wednesday, May 27, 2009
Today's update is about the HomeSaver Forbearance program from Fannie Mae, which provides an additional foreclosure prevention option for you if you're ineligible for the Home Affordable Modification Program. It's available to you if you are either in default or if your default is imminent. Your servicer should offer a HomeSaver Forbearance if you have a willingness and ability to make reduced monthly payments of at least one-half of their contractual monthly payment. Visit the site to see the rest of the plan details and qualifications...
Continue reading...Home Affordable Loan Modifications Begin–Foreclosure Moratorium Ends
Wednesday, April 15, 2009
If you've been following our coverage of President Obama's Home Affordable Loan Modification program, you're well aware we've been waiting over a month for loan servicers to get their processes figured out. Ocwen Financial Corporation announced yesterday they've figured it out and are ready to begin taking applications. Find out how to apply, what will happen after you apply, and what to expect if Ocwen isn't your servicer by reading the rest of the story on our site.
Continue reading...Home Affordable Refinances Start at B of A
Monday, April 13, 2009
As we wrote a couple weeks ago, most lenders haven't started processing Home Affordable Refinance or Home Affordable Loan Modification packages yet. Well that's beginning to change...finally! Bank of America announced yesterday that they have begun accepting refinancing applications under the program. Come find out what this means for you...even if your loan isn't serviced by Bank of America or Countrywide. If you're waiting on a Home Affordable modification rather than a refinance, there's big news in the article for you too...
Continue reading...My Servicer Isn’t Participating
Thursday, April 2, 2009
Since the announcement of President Obama's Home Affordable Loan Modification and Home Affordable Refinancing programs, we've been getting a lot of questions about particular servicers and whether or not they're going to participate in the program. Many of you have been asking what you can do if your servicer says they aren't. So many people have asked, I dug through more Treasury Department documents and found good news for some of you. We also found the only 3 ways you can find out if your servicer is participating...
Continue reading...Home Affordable Refinance and Modification Update
Tuesday, March 31, 2009
If you've been trying to contact your lender about refinancing or modifying your mortgage through President Obama's new plans, you've likely been frustrated. Few, if any, servicers have finalized their plans or trained their loss mitigators or how they're going to handle the new plans. And according to the Association of Community Organizations for Reform Now (ACORN) and a study they just finished, "76 percent of outstanding mortgage loans are serviced by companies who have committed to implementing the plans". But what's that mean for you and your mortgage? Come read the rest of this article to find out...
Continue reading...President Obama’s Making Home Affordable Refinance
Monday, March 9, 2009
Here's the post you've been waiting on about President Obama's Making Home Affordable Refinancing program. If you owe less than 105% of what your property's worth, you probably qualify, but there are several things you should be aware of. For instance...this post tells how to figure out if your loan is held by Fannie Mae or Freddie Mac and how to start the refinancing process with this program. If you have questions, please ask as a comment...
Continue reading...President Obama’s Home Affordable Loan Modification
Thursday, March 5, 2009
This took a little longer than I wanted it to, but I wanted to be as thorough as possible for you. I'll start with the loan modification part of the President's plan first since I know that's what most of you want to know about. Come and read about the qualifications, the process, and the lack of principal reductions.
Continue reading...Obama Foreclosure Relief Plan Details
Wednesday, March 4, 2009
I'm still trying to make it through the 50+ pages of documents below to find the most valuable tidbits for you, but I wanted to post these links so you can begin your own research. I'll post more this afternoon...
Continue reading...Take Advantage of President Obama’s Plan
Friday, February 27, 2009
Our third of three posts on President Obama's Homeowner Affordability and Stability Plan. You can help yourself out tremendously by taking a few simple steps between now and when the program starts on March 4. You'll also learn what to do if you already have a foreclosure sale date and your lender hasn't notified you it's been suspended.
Continue reading...President Obama’s Plan – What No One Is Telling You
Thursday, February 26, 2009
Part 2 of my 3 part series on President Obama's foreclosure relief plan. Come read about the refinancing plan that won't help the people in the most heavily affected states like California, Arizona, Florida, and others. Will the fact the plan only covers your first mortgage be an issue for you? Did you know your lender might not participate? Find out more about these and other gotchas by reading the rest of the article on the site...
Continue reading...President Obama’s Foreclosure Plan – The Basics
Tuesday, February 24, 2009
You've probably heard a lot about President Obama's Homeowner Affordability and Stability Plan. He unveiled it last Wednesday in Phoenix and there was a firestorm of coverage about it. It's an intensive and comprehensive plan. He plans to put $75 Billion into three main programs to help homeowners in foreclosure and those that are approaching foreclosure. The is the first of three articles exposing everything you need to know about the plan...even what the news isn't telling you!
Continue reading...More Lenders Join the Moratorium Bandwagon
Saturday, February 14, 2009
More lenders are agreeing to suspend the foreclosure process to wait on the Treasury Department's new Financial Stability Plan. Most are agreeing to suspend it for 3 weeks...come see if your lender is on board as well as my prediction about what to expect.
Continue reading...Fannie and Freddie Fast Track Modification Program
Tuesday, January 13, 2009
If you're thinking about trying to use the new Fast Track Loan Modification program to stay in your home, you MUST know what it's going to cost you before you sign anything. It could affect your future bankruptcy right, predatory lending rights, your credit score, and even your ability to sell in the future...check it out so you know what you're getting into.
Continue reading...Fannie and Freddie Fast Track Modification Program
Monday, January 12, 2009
Fannie Mae and Freddie Mac have announced a new "Fast Track" loan modification program. There are very specific qualification guidelines, but if you're in the right situation, it could really help you out. This article tells you how and gives you access to a 57 minute conference call Todd did with Brent Lane explaining it.
Continue reading...Good News for Renters
Monday, December 22, 2008
If you're renting a home that's going through foreclosure, Fannie Mae announced that they a working on a program for you. In the near future, they will not force you to move out of the home even if the foreclosure completes and the person you're renting the home from loses it.
Continue reading...Fast Track Workouts Available Now
Thursday, December 18, 2008
If you're more than 3 months behind on your payments and have a mortgage owned by Freedie Mac or Fannie Mae, you may qualify for the newest federal initiative to help homeowners. Under the Streamlined Modification Program, mortgage and escrow payments can be cut to 38 percent or less of an eligible borrower's gross monthly income by one or more of the following steps as necessary...
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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Monday, February 8, 2010
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