Awesome New Site for Fannie Mae Mortgage Holders!

Fannie Mae site helps you find your way through…

Confused about what options might be available to you and if you even qualify for them?  Fannie Mae’s Know Your Options site will get you rolling in no time!

First, to be sure your mortgage is owned by Fannie Mae, start with the Loan Look Up on the very top menu line.  Once you’ve confirmed this, you have a literal plethora of assistance in sorting out what options may be open to you.

Their Option Finder makes this all easy!  You answer simple, focused questions and come out the other end with your options!  If there is something you are not sure about, you can contact them for assistance from a real person!  

Included are…

  • How to refinance with little to zero equity
  • How to modify your loan
  • Options to stay in your home
  • Options to leave your home
  • What to do if you are already in foreclosure
  • A Resource list for Mortgage Assistance & Government Programs that may apply

Another great feature are the calculators made available on the site so that you can get an estimate of your monthly payments would be on a modification or refinance.

Check it out now at www.knowyouroptoins.com!

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5 Things To Do Immediately After Getting a Notice of Default

In California, once the notice of default has been recorded, you have approximately 120 days to save your home before it is auctioned.  Once you get the notice in the mail don’t waste any time!

Here are 5 things to do immediately….

  1. Call your lender and ask them what solutions they have.  Banks are moving away from foreclosures and new programs are coming along all the time. The best way to be sure you have the latest information is to call the lender. If you want to keep your home, begin the process under as many avenues as are available, including non-profit programs.
  2. Find out who owns your mortgage.  Even if your loan is with BofA, it could be owned by Fannie Mae or Freddie Mac (Question #9 in FAQ),   If it is, you may qualify for a government program and be able to refinance without an appraisal (HARP2), to modify your loan (HAMP), or to do short sale and get a cash incentive to help with relocation expenses. (HAFA).
  3. Get professional advice from your tax preparer and an attorney about your financial options and the effect a short sale would have on your finances.
  4. Operate on the 120 day timeline.  This is the typical timeline from Notice of Default to foreclosure and then auction.  In that 120 day period is your opportunity to a) get a loan modification consent from the bank, b) short sale your property, or c) find a way to bring your mortgage current.
  5. Contact a certified short sale Realtor, such as myself, if you want or need to sell your home. Get that ball rolling as soon as possible.
Until the Home Owner’s Bill of Rights takes effect on January 1, 2013, the banks are under no legal obligation to stop the foreclosure process, even if they have told you they would work with you on a loan modification.
 
One last thing:  That Notice of Default you got; it is public record. So, put your guard up regarding people who may try to contact you.  Some of them may be legitimate, but some may be working a scam

 

Free Online: HAMP Calculator

Free Online: HAMP Calculator

Source: May 26th, 2011 in CDPE by cdpe

The Treasury Department is offering a free online calculator that helps borrowers estimate whether or not they qualify for the Home Affordable Modification Program (HAMP).

The calculator is available at checkmynpv.com.

In the two years since its launch, HAMP has helped more than 270,000 borrowers receive permanent loan modification, thus lowering their monthly mortgage payments. That number falls far short, however, of the millions of homeowners at risk of foreclosure — which is bad for homeowners and bad for the housing market.

The current glut of foreclosures — stalled by paperwork delays — poised to hit the market is already far more than can absorbed by first-time homebuyers, according to the research firm Campbell Surveys.

That is why HAMP is so important. Every homeowner who modifies a loan and stays in a distressed property adds one less property to an already flooded market.

via New Online: Free HAMP Calculator | CDPE Blog.

HAMP Update: Investment Property Eligible & Other Good News

Hamp Update: Investment Property Eligible & Other Good News

HAMP (Home Affordable Mortgage Program) has made some very exciting changes lately.

  • Incentives to Lenders to do write-downs (reduce the principal on a loan) have been increased up to 3 times the previous amount.  That mean lenders can receive anywhere from 18 to 63 cents on the dollar for each dollar reduced on the mortgage.
  • The program is now open to Fannie Mae & Freddie Mac.
  • It’s been expanded to include investment property as long as it is tenant occupied.

These changes are all focused on making mortgages more affordable and spreading out the loss and getting inflated debt off the backs of Homeowners.

12 Ways to Avoid Foreclosure

12 Ways to Avoid Foreclosure

  1. REINSTATEMENT: Bring the loan current
  2. FOREBEARANCE: Temporary repayment plan
  3. REFINANCE: New loan with reduction in monthly payments
  4. LOAN MODIFICATION: Modify original loan terms or reduce principal                 (Visit: www.hmpadmin.com and contact your bank.)
  5. SHORT REFI: (New) Qualify for this process by showing a hardship as well as the ability to pay the new mortgage
  6. SELL THE PROPERTY: Use equity to pay off or pay difference
  7. RENT THE PROPERTY: Must make loan current
  8. SERVICE MEMBERS CIVIL RELIEF (SCRA): Protection for military personnel in foreclosure in specific situations
  9. HAP: Department of Defense for eligible service members and federal civilians
  10. SHORT SALE: Negotiate with bank to accept a sale less than the loan amount due
  11. DEED IN LIEU OF FORECLOSURE: “Friendly Foreclosure”
  12. BANKRUPTCY: Will stall foreclosure, but not prevent it