Fannie, Freddie announce Foreclosure Protection Program Omaha. The new foreclosure program Flex Modification will replace the existing program in late 2017. It was developed by the two corporations at the direction of the FHA.
“The Flex Modification is an adaptive program that will allow us to continue to assist struggling homeowners in a changing housing environment, and simplify the process for servicers to deliver those solutions.”
Flex Modification is expected to provide a 20 percent payment reduction for eligible borrowers. That includes a high percentage of those who are at least 60 days delinquent. The Fannie, Freddie foreclosure protection program Omaha could be an option for those who are current or less than 60 days delinquent in certain situations.
Imagine, you struggle to pay your $1,000 a month mortgage, then suddenly Fannie and Freddie agree to cut your payment by $200. While the Flex Modification program doesn’t go into effect until late 2017, there are signs of approaching foreclosure trouble including:
Don’t ignore the warning signs. The approaching signs of trouble should spur you into action.
Contact your lender and level with them. When you come clean about your financial situation, he may be able to modify the loan, offer forbearance or give you repayment options.
(A) Loan modification could include a reduction of the interest rate, convert from a variable interest rate to a fixed interest rate, or extend the length of the term of the loan. A loan modification agreement is a permanent solution to unaffordable monthly payments.
(B) A forbearance agreement provides short-term relief for borrowers. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period and not to initiate a foreclosure during the forbearance period.
(C) Repayment options could include a plan to repay missed payments in addition to making monthly payments, especially if there is a temporary hardship
Don’t ignore your mail. Many have been in your shoes. Those first envelopes will contain helpful suggestions to get things under control. Then will come legal action. Ignoring those notices can cause you to lose everything.
Know the Process of Foreclosure. You can help yourself by understanding that once you are delinquent by 60 days you open yourself to losing your house. In most states 120 days delinquent can cause foreclosure proceedings to commence.
Under the federal CFPB, the mortgage servicer must wait until you are more than 120 days delinquent on payments. The first official notice or filing for any non-judicial or judicial foreclosure can come at any time after 120 days.
While Fannie, Freddie announce foreclosure protection program Omaha, it doesn’t go into effect until late 2017.
As investors, we are in business to make a modest profit on any deal, however, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.
If you’d like to give us a ring we would be more than happy to spend some time with you to help you understand the process and to get all of your questions answered. You can reach us at 402 999.0577.