Tag Archive | "forbearance"

Details of HAMP Forbearance for Unemployed Released

Monday, March 29, 2010

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The administration released the details of their new Temporary Assistance for Unemployed Borrowers last week. Here are the highlights....

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New Proposal: Guaranteed Forbearance for the Unemployed

Monday, March 15, 2010

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The Mortgage Bankers Association (MBA) announced it has developed a concept for a new MBA Logo forbearance program that would allow qualified borrowers who had lost their jobs to remain in their homes while they seek new employment. According to the proposed program, loan servicers would reduce the borrower's mortgage payment to an affordable amount for up to nine months while the homeowner looked for employment.

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Your Lender’s Dirty Little Secret

Friday, January 15, 2010

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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

Thursday, January 14, 2010

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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

Wednesday, January 13, 2010

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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

Tuesday, January 12, 2010

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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

Monday, January 11, 2010

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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

Wednesday, June 24, 2009

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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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