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Freddie Mac Will Require Re-Modifications of Previously Modified Loans

“On March 17, 2015, Freddie Mac issued an update to its Single-Family Seller/Servicer Guide (“Guide”) requiring servicers to offer additional modifications on previously modified step-rate mortgages.  This requirement will take effect July 1, 2015. By requiring loan re-modifications, Freddie Mac is seeking to address what has been on everyone’s mind for a while—the expiring HAMP

Florida’s foreclosure prevention program shifts tactics

“Florida’s $1 billion foreclosure prevention program, which has historically helped homeowners fight off bank repossessions with mortgage assistance, might start pitching in for first-time homebuyers’ down payments. The proposal would earmark $50 million for down payments from the federal Hardest Hit Fund, which was created with taxpayer money, a publication reported. The program has until

Is now the time to refinance your mortgage?

“Interest rates on home loans are historically low. That means now is the time to dig out your mortgage loan paperwork and consider whether refinancing is right for you. Five years ago, the government started injecting trillions of dollars into the U.S. economy. Conventional wisdom suggested that rising interest rates were soon to follow. Some

Here’s What to Do If Your Mortgage Is Underwater

“If you feel like you’re drowning, financially speaking, you’re not alone. Millions of Americans are “underwater” on their mortgages, with negative equity. It’s a bad position to be in, but you may be able to improve your situation. Let’s talk numbers first. According to data from CoreLogic, as of the end of 2014, homeowners of about

Loss of income does not mean loss of home

“DESPAIR SETS IN” “When Sarah lost her unemployment income in January 2014, she thought all was lost in terms of her ability to continue to make payments on her mortgage. Her concern deepened when after missing only two payments, her mortgage company returned a regular monthly payment she sent in. In returning her payment the

Nearly Two Million Homeowners Offered Mortgage Solutions in 2014

“More than 489,000 permanent home loan modifications were offered to homeowners last year, according to HOPE NOW’s 2014 loan modification data released today. HOPE NOW is a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors. The data showed more than 1.88 million homeowners received loan modifications, short sales, deeds in lieu,

Mortgage Foreclosures Force Thousands Out of Their Homes

“THOUSANDS of Victorian properties are being seized despite record low interest rates. ” “Foreclosure actions by major banks and lenders to repossess homes, units, businesses and land resulted in 7830 people losing an asset in the past five financial years. Experts warn the figures indicate people are taking on unsustainable debt and could face losing their

Keep Your Home California Announces Reverse Mortgage Assistance Pilot Program To Help Seniors Facing Foreclosure

Posted: February 17, 2015 SACRAMENTO – Today, Keep Your Home California announced a new pilot program to help low-and-moderate income senior homeowners avoid foreclosure on their reverse mortgages. Senior homeowners who are at risk of losing their home to foreclosure due to delinquent property expenses associated with their Federal Housing Administration (FHA) insured reverse mortgages
IMPORTANT: The text in this website and product(s) sold on this website do not substitute for legal advice. Nor does the text substitute for real estate, financial, tax, bankruptcy or other professional advice. Loan Modification Key® and its owner(s) cannot and do not guarantee results from any lender or servicer. Loan Modification Key® and its owner(s) do not represent any loan modification program or governmental program. Loan Modification Key® and its owner(s) do not represent any government agency. The text herein represents information, opinion and expertise gathered in the last several years' experience in the mortgage industry. Loan Modification Key® is a non-profit 501 (c)(3) tax-exempt organization.
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