Tag: mortgage payments

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No Documentation Loan Modification

No Documentation Loan Modification Fannie Mae and Freddie Mac to offer No Documentation Loan Modification Program The Program Fannie Mae and Freddie Mac will offer a simplified loan modification process. Beginning July 01, 2013, servicers will be required to offer borrowers who are at least 90 days, but not more than 24 months, delinquent on […]


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Bank of America Reduces Mortgages!

Bank of America Reduces Mortgages by Forgiving a Portion of the Principal. For those of you who have not heard the breaking news, Bank of America has begun to forgive a portion of the principal on certain people’s mortgages. The NYT is reporting that “Bank of America has started sending letters to thousands of homeowners […]


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Home Affordable Refinance Program (HARP) changes

Home Affordable Refinance Program The Federal Housing Finance Agency has announced a series of changes to the Home Affordable Refinance Program (HARP). This is an effort to help some borrowers refinance their underwater home mortgage. Borrower Eligibility: The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, […]


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Stop paying my second mortgage?

Can you stop paying your second mortgage? Sure. Should you stop paying your second mortgage? Maybe not. The prevailing theory is that if your home is worth less than what you owe on your 1st mortgage it is highly unlikely that the holder of your 2nd mortgage will bring a foreclosure action against you. Well, […]


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News: President Obama to Announce New Plan for Underwater Homeowners

The Wall Street Journal reports that the President will announce a “short refinance” program on Tuesday. Under this program: banks and other creditors that write down mortgages to less than the value of the property can essentially hand off the reduced loan to the government. The process involves refinancing borrowers into loans backed by the […]


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News: Fannie Mae Offers Foreclosure Options

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 […]


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$1 Billion to Help Unemployed Homeowners Facing Foreclosure

Wall Street Reform Bill: $1 billion fund to help unemployed homeowners avoid foreclosure The Dodd-Frank financial regulatory reform bill which passed through Congress and is headed for President Obama’s desk, contains a provision that is likely to help some unemployed homeowners avoid foreclosure. The Washington Independent reports that there is a provision in the bill to […]


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Filing Bankruptcy To Save Your Home From Foreclosure

Filing Bankruptcy to Save Your Home:  CHAPTER 7 Bankruptcy Will filing a chapter 7 bankruptcy save my home from foreclosure? Probably not. If you are facing foreclosure you have likely missed a few mortgage payments. Chapter 7 does not allow you to make up your missed payments over time. However, the “automatic stay” may delay […]


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