Fannie Mae announced a last resort option for distressed homeowners today. They will begin working with homeowners who have Fannie Mae serviced loans and are not eligible for the offered "work-out" or modification programs.
More on Help For Homeowners: Fannie Mae Announces "Lease for Deed" program
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Months ago there was some buzz regarding the most recent stimulus and funds that would be available for grants to those who wish to purchase a foreclosure. The information has been fairly vague for some time, but there is now some specific (not too specific) information on the program.
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On Tuesday details of President Obama's Housing Affordability Plan became available to the public. The program is still in the very early stages of establishment which means that although there is some information available there isn't enough to make sense of it all. Currently there is a website set up that provides some good information to determine if one is eligible for the program. However, it's important to know that the government's website will just tell you to prepare some documents that will help your current lender decide if your eligible for any help from this program.
Filed under Uncategorized, foreclosures, mortgages by
A report of existing home sales showed an unexpected rise in December. Purchases grew 6.5% at the end of 2008. As foreclosures have forced existing home sales down throughout most of 2008 it was nice to see a gain on board.
Filed under Uncategorized, foreclosures, mortgages, real estate by
I met with several clients in 2008 who were looking to purchase a foreclosure or bank owned property. Some for the investment purposes or for the purpose to use as a primary residence. I thought I would give a brief description of few common types of foreclosure or pre-foreclosure properties.
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Today the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac, the nation's largest mortgage finance companies, will begin accelerated loan modifications to lower payments for struggling homeowners in an effort to reduce foreclosure rates.
Filed under foreclosures, mortgages by
Foreclosure is a definite buzz word (one of many) for 2008. Foreclosures are devastating for some and can create opportunities for others. The default rate on mortgages that has caused so many problems for our financial and real estate markets affects more than just those involved in the industry. Those who have reached the point where they can no longer afford their mortgage payment have obviously gone through a substantial financial burden. Regardless of whether the driving factor was a life change, loss of job, or poor financial consulting, a foreclosure is a devastating experience.
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