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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!

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!!!

Calling Your Servicer About Loan Mods – Is Success Possible?

Tuesday, September 8, 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...

Will Freddie Mac’s New Effort Help You?

Monday, August 3, 2009

Regardless of whether or not you have a Freddie Mac loan you’re trying to get modified, you know servicers are way understaffed to effectively help the tens of thousands of homeowners they hear from every week. Everyone knows the servicers need more help…and now Freddie Mac is doing something to address the problem. Come to the site to see what it means for you...

Imminent Default – An Example

Friday, June 26, 2009

This is a follow-up to our article on determining imminent default for a Home Affordable Modification, which lists the Freddie Mac guidelines for these calculations. If you were confused by the legalese of that article, this case study may ehelp you figure out whether your lender will consider you in danger of imminent default or not.

How to Determine Imminent Default – Home Affordable Modifications

Sunday, June 21, 2009

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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.

Refinance Freddie Mac Loan with a Different Lender

Friday, June 12, 2009

Soon you'll be able to refinance a Freddie Mac-owned or guaranteed mortgage with any lender affiliated with Freddie Mac. Previously, you had to work with the same lender who currently services your mortgage. In addition, to help reach more borrowers, Freddie Mac is increasing the amount of closing costs that can be rolled into the new refinanced mortgage. Come to the site for more info inclusing how to find out if your loan is held by Freddie Mac.

Make Your Lender Reconsider Your Mod Eligibility

Wednesday, May 13, 2009

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If you've been turned down for a Home Affordable Modification for a Freddie Mac mortgage, you may be able to make them reconsider your eligibility!

Home Affordable Loan Modifications Begin–Foreclosure Moratorium Ends

Wednesday, April 15, 2009

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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.

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...

My Servicer Isn’t Participating

Thursday, April 2, 2009

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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...

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...

Freddie Mac Allows Homeowners to Stay After Foreclosure

Tuesday, March 10, 2009

Freddie Mac announced the official launch of its new REO Rental Initiative giving qualified tenants and former owners the option to lease their recently foreclosed properties on a month-to-month basis.

President Obama’s Making Home Affordable Refinance

Monday, March 9, 2009

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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...

President Obama’s Home Affordable Loan Modification

Thursday, March 5, 2009

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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.

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...

Take Advantage of President Obama’s Plan

Friday, February 27, 2009

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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.

President Obama’s Plan – What No One Is Telling You

Thursday, February 26, 2009

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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...

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!

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.

Impact of Freddie Mac’s Test Program

Wednesday, February 4, 2009

Yesterday, I posted an article about Freddie Mac's new workout plan for high risk loans and I promised my assessment of what it actually means to you. As with all new programs, the devil is in the details. And when things like this are announced, it takes a while for servicers to get up and running and get the new models in place. Overall, it seems like this is a step in the right direction and should be helpful, but rclick below to learn how.

Freddie Mac Launches New Workout Plan for High-Risk Loans

Tuesday, February 3, 2009

Freddie Mac said today it is piloting a new Workout Strategy For High Risk Loans designed to keep more at-risk borrowers in their homes by employing third party servicers that specialize in servicing Alt A and other types of higher risk mortgages....

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.

Fannie and Freddie Fast Track Modification Program

Monday, January 12, 2009