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 Tagged ‘mortgage modification’
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…
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.
New Loan Modification Program:
Chase, WaMu and EMC Mortgages
New loan modification programs for Chase, Washington Mutual (WaMu), and EMC Mortgage were announced on 10/31/2008. A 90 day foreclosure moratorium for owner-occupied properties is in place until the program plan is implemented.
Bailout is not much help for homeowners
The infamous Wall Street Bailout was signed into law several days ago. The intent of the bill is to provide greater access to credit, hold down interest rates, and prevent a sharp increase in unemployment. What does the bill do for distressed homeowners?