Truth in Foreclosure

Your Lender’s Dirty Little Secret

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!

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HomeSaver Forbearance Becomes Payment Reduction Plan – Part 4

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.

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HomeSaver Forbearance Becomes Payment Reduction Plan – Part 3

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...

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HomeSaver Forbearance Becomes Payment Reduction Plan – Part 2

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!

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HomeSaver Forbearance Becomes Payment Reduction Plan

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...

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NACA – Home Save Program

As a follow-up to last week’s article introducing you to NACA, I decided to let you know about one of their programs aimed at helping people going through foreclosure. NACA’s Home Save Program provides four long-term solutions. All of the below solutions provide for an affordable mortgage payment over the long-term. In fact the Restructuring sometimes lowers the fixed interest rate to less than a NACA Refinance. As opposed to the refinance, a Restructure is...

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