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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 Federal Housing Administration.
  • Officials say between 500,000 and 1.5 million so-called underwater loans could be modified through the program, the first initiative to target homeowners who are current on their mortgage payments but are at risk of default because they have no equity in their homes.

Click here to read the entire WSJ article

Also see our earlier post “FHA to Refinance Underwater Homeowners”.

As always, The Foreclosure Defense Law Firm of VAUGHN & WEBER, PLLC is here to assist you.  We are conveniently located in the heart of Nassau County, Long Island, at 217 Willis Avenue in Mineola, NY 11501. Contact us at (516) 858-2620 to arrange a consultation with a foreclosure defense lawyer.

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


News: Fannie Mae Offers Foreclosure Options

On August 6, 2010, in Foreclosure, 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.”
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