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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Don’t Throw that Letter Away! It May Have $150,000 in It!

Bank of America Offers Principal Reductions to 200,000 Homeowners

A select group of struggling mortgage borrowers are about to get an offer that sounds too good to be true. Executives at Bank of America say they will begin mailing 200,000 letters offering certain customers mortgage principal reductions.

If people get these things and toss them, they won’t be eligible,” says Ron Sturzenegger, the Bank of America executive charged with providing solutions to borrowers in need of mortgage assistance.

But the offer is real, and eligible borrowers could get as much as $150,000 knocked off the balance of their mortgages.

It is all part of the $25 billion settlement reached this year between federal and state agencies and the nation’s five largest mortgage servicers over fraudulent foreclosure document processing (so-called “robo-signing”.)

Via:  Bank of America Offers Principal Reductions to 200,000 Homeowners – CNBC.

And, watch this video:

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.

How Smart People Get Scammed

You would never consider them a stupid, or even naive couple.  He is a retired executive and she has run her own successful businesses over the years.  The caller said he could legally get the their lender to modify their adjustable rate mortgage because, in all likelihood the bank who held the mortgage did not have the paperwork on the loan.

He said he’d done it numerous times and that his legal team were proficient at it.  If they would give him authorization to talk to the bank, and $5,000 in advance fees, he would bring results.

In 2011 Mortgage Fraud made it into the Top Ten of the Better Business Bureau’s Scams list.   With $32 billion worth of Adjustable Rate Mortgages defaulting last October it will probably remain in the top ten this year.

You don’t have to be dumb or naive to get scammed, you only have to be stressed and, in a weak moment, have a caller convince you that they can help.

The couple got several follow up calls from this person.  They couldn’t make up their minds.  Something didn’t feel right, but the thought of a looming mortgage adjustment swayed things heavily in favor going ahead with it.

Fortunately they did some research.  They could not find the caller’s name or his firm anywhere on the web even though he’d mentioned a website.  They also spoke with their the Realtor, who warned them that it had all the markings of a scam.

The next time the caller contacted them they told him how they could not find his company on the internet, and that their Realtor had warned them about fraud.  He had only one word for them, “Bye”.   Even then part of them still wanted to believe him.  That is what makes scams so dangerous–you want to believe.

If your mortgage has adjusted outside of your reach and you don’t know what to do, contact me today for a private consultation at 707.829.7493.

Do you have a story like this one?  Leave a comment and tell us about it.

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