News: Fannie Mae Offers Foreclosure Options

On August 6, 2010, in Foreclosure, Message/News Board, by Robbie L. Vaughn, Esq.
Fannie Mae recently launched KnowYourOptions.com

In its Press Release, Fannie Mae states that:

  • This website is “a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.”
  • This website “offers reliable and easy-to-understand information in both English and Spanish.”
  • “KnowYourOptions.com provides information on refinancing, repayment plans, forbearance, modifications and Deed-for-Lease™.”
  • “For homeowners who recognize that they can no longer afford their mortgages, but want to avoid having a foreclosure on their credit history, the site provides information on alternatives including short sales and deeds-in-lieu.”

The Key features of KnowYourOptions.com are said to include:

  • “Interactive Options Finder to help homeowners identify options that might be right for their situation;
  • Calculators to help borrowers understand how many of the options work, including refinance, repayment, forbearance, and modification;
  • Videos featuring real homeowners discussing how they received help and housing counselors providing advice;
  • A virtual assistant to walk homeowners through key areas of the site; and
  • Next steps and helpful forms, including a financial checklist and contact log to help borrowers be prepared when contacting their mortgage company or housing counselor.”

Click this link to read the entire press release

90 Day Pre-Foreclosure Notice

On June 25, 2010, in Foreclosure, by Robbie L. Vaughn, Esq.

90 Day Pre-Foreclosure Notice

I just received a 90 day pre-foreclosure notice; what does this mean?

NY foreclosure law now requires that a 90-day pre-foreclosure notice be sent to many homeowners facing foreclosure.  The 90-day notice requirement must be sent to homeowners, at risk of foreclosure, who own and occupy a 1-4 family dwelling as their principal residence.

The notice has to be in 14 point type and sent at least ninety (90) days before a lender, an assignee or a mortgage loan servicer commences legal action against the borrower. The 90 day foreclosure notice shall include the following:

“YOU COULD LOSE YOUR HOME. PLEASE READ THE FOLLOWING
NOTICE CAREFULLY”
“As of ___, your home loan is ___ days in default. Under New York
State Law, we are required to send you this notice to inform you that
you are at risk of losing your home. You can cure this default by making
the payment of _____ dollars by ____.
If you are experiencing financial difficulty, you should know that
there are several options available to you that may help you keep your
home. Attached to this notice is a list of government approved housing
counseling agencies in your area which provide free or very low-cost
counseling. You should consider contacting one of these agencies
immediately. These agencies specialize in helping homeowners who are
facing financial difficulty. Housing counselors can help you assess your
financial condition and work with us to explore the possibility of
modifying your loan, establishing an easier payment plan for you, or
even working out a period of loan forbearance. If you wish, you may also
contact us directly at __________ and ask to discuss possible options.
While we cannot assure that a mutually agreeable resolution is
possible, we encourage you to take immediate steps to try to achieve a
resolution. The longer you wait, the fewer options you may have.
If this matter is not resolved within 90 days from the date this
notice was mailed, we may commence legal action against you (or sooner
if you cease to live in the dwelling as your primary residence.)
If you need further information, please call the New York State
Banking Department’s toll-free helpline at 1-877-BANK-NYS
(1-877-226-5697) or visit the Department’s website at
http://www.banking.state.ny.us”

Ideally, the 90 day pre -foreclosure notice is sent prior to the start of the foreclosure action and allows a homeowner to work with their lender to prevent the foreclosure of their home.   If you have received a 90 day foreclosure notice, you should consider calling a foreclosure defense attorney to discuss your options.

Long Island Foreclosure Attorneys

As always, the  Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, Long Island, NYContact us at (516) 858-2620 to arrange a consultation with a foreclosure defense attorney.

Please visit our Foreclosure category to learn more about foreclosure issues.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. This website is Attorney Advertising. It does not form an attorney-client relationship. We are a debt relief agency and a law firm that helps people file for bankruptcy relief under the U.S. Bankruptcy Code – Title 11. Prior results do not guarantee a similar outcome. Proudly assisting residents of Long Island, Nassau county, Suffolk county, New York City, Queens, Brooklyn, Bronx, Staten Island, Manhattan