There is a new government website to assist the 7 to 9 million homeowners whose loans are held by Fannie Mae or Freddie Mac, and are eligible for a loan refinance, or a mortgage modification. Called www.MakingHomeAffordable.com, the website went live on March 19th, and is a simple one stop resource for homeowners to help [...]
Articles in the ‘Mortgage Modification’ Collection
Help for the Housing Market
The Homeowner Affordability and Stability Plan applies to primary residences with conforming loan limits. This is a brief summary of the plan with some limitations specific to San Diego…
Another Foreclosure Moratorium
Citigroup , JPMorgan Chase, Bank of America, Morgan Stanley, and Wells Fargo have all agreed to suspend foreclosures for approximately three weeks while the Obama administration finalizes a plan to modify mortgages…
California Mortgage Modification Fraud
An increasing number of mortgage defaults and foreclosures has spawned a new and unregulated foreclosure services industry. While some of these companies provide legitimate services, many of these firms are fraudulent. There are two main types of foreclosure scam. This article is for California homeowners primarily, but the problem is nationwide…
Citigroup Mortgage Modification Program:
The CitiMortgage Loan Modification Program is similar to the FHFA and IndyMac Programs, but uses a 40% debt-to-income affordability criteria. Their program has a foreclosure moratorium feature and a mortgage prevention feature, which most programs don’t have.
Streamlined Loan Modifications:
The FDIC’s IndyMac mortgage modification program is the model for the Federal Housing Finance Agency (FHFA) loan modification program that was announced on November 11, 2008. The modifications were designed to achieve sustainable (affordable) payments at a 38% debt-to-income (DTI) ratio of principal, interest, taxes and insurance.