Foreclosure Information
If you are experiencing any financial difficulties in paying your mortgage,
Please take the first step to solve the problem by contacting your lender.
If you can't reach them or need assistance, please call me at 850-496-6006. We may be able to help you save your house and your credit without having to sell. In fact, we would consider it an honor to help you do so and there's absolutely no obligation. Read on for more information.
The US government and mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac. The Federal Housing Finance Agency, which seized control of the two mortgage finance companies in September, announced the plan Tuesday along with officials from the Treasury Department, Wells Fargo, the Department of Housing and Urban Development and Hope Now, an alliance of mortgage companies organized by the Bush administration last year
It likely will have tremendous importance because Fannie Mae and Freddie Mac own or guarantee about half of U.S. home loans. The approach, which goes into effect Dec. 15., "will be a standard for the industry to quickly move homeowners into long-term sustainable mortgages," said Neel Kashkari, the Treasury Department's assistant secretary for financial stability in prepared remarks
To qualify, borrowers would have to be at least three months behind on their home loans, and would need to owe 90 percent or more than the home is currently worth. The interest rate would be reduced so that borrowers would not pay more than 38 percent of their income on housing expenses. (See James Lockhart, FHFA director, discuss the government's new loan plan, left.)Another option is for loans to be extended from 30 years to 40 years, and for some of the principal amount to be deferred interest-free. Read the rest of this article at http://www.cnbc.com/id/27662494
