To help provide first-time home buyers with peace of mind when purchasing a home, the C.A.R. Housing Affordability Fund (C.A.R.H.A.F.) is offering a new mortgage protection program to first-time home buyers.Through the Housing Affordability Fund’s Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to [...]
Author Archives: Loan Modification Directory
President Obama Offers Up $75 Billion Foreclosure Bail Out
President Obama announced Wednesday that he will be making $75 Billion available to help some 9 million homeowners who are facing foreclosure. Obama declared the need for drastic action in the face of the growing economic crisis and stated that the funding will help to keep the housing crisis from wreaking further havoc on our [...]
Do You Have A Loan With Freddie That Could Use A Workout? Help Is On The Way.
Freddie Mac Is rolling out a new plan to handle the influx of borrowers requesting loan modifications or other workouts. Freddie will be employing the help of third party servicers to help service Alt A and other types of High Risk Loans. The new plan will help keep at-risk borrowers in their homes and avoid [...]
Nation’s Major Banks Offering Loan Modification Packages
Major national lenders have announced they are aggressively reworking mortgage loans to help homeowners remain in their homes. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac loans, along with the HOPE NOW alliance of lenders, launched a “Streamlined Modification Plan” in December.
IndyMac Federal Bank also announced a systematic and streamlined loan modification program implemented by [...]
Pitfalls to Avoid during the Loan Modification Process
A Loan Modification is a valuable tool in helping homeowners get back on track with their loans and protect their homes from foreclosure, but often even after a loan modification people end up right back where they were, and sometimes even worse. In fact, more than half (55%) of loans modified in the first nine [...]
Your Bank and Your Hardships
Banks Don’t want to foreclose on your house! When a mortgage company forecloses on a property more often than not they lose money, and they lose even more when they have to take ownership of that property. The good news is that there are alternatives to foreclosure that benefit both the borrower and lender.
The bad [...]