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Distressed Homeowners Look Outside the Obama Modification Program for Help

by the zac team at Ponce Realty

Greetings neighbors,

It looks like the Obama Administration's attempt to help distressed homeowners is dropping in the ranks.

According to a recent report, many distressed homeowners are beginning to drop out of the Home Affordable Modification Program and are starting to acquire private help from their mortgage companies.

Although recent data showed a 15% increase in permanently reduced payments last month to 340,459; the rate of temporary three month modifications increased by only 2.5% to 1,244,184.

In addition, recent data showed an increase in the cancellation of mortgage modifications. In comparison to April 2010, there was a 55% increase in cancellations for May 2010. Permanent modification cancellations also showed a great increase by rising 70% to 6,357 last month.

The report also included that distressed homeowners who experienced the cancellation of their temporary government modifications received alternative modifications from one of the eight mortgage servicer giants such as: Bank of America, CitiMortgage and JPMorgan Chase.

The overall goal of the Obama Administration's $75 billion Home Affordable Modification Program was to modify the mortgages of 3-4 million distressed homeowners by the year 2010.

Fannie Mae Launches 'Five Step' Guides to Help Home Owners and Future Homeowners

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

Fannie Mae has recently released some very useful information for current home owners, those who are interested in purchasing a home, and those who have already purchased a home but may be experiencing some difficulties paying their current mortgage. The first three of a series of "Five Step" guides will educate owners and future owners on different topics and will provide five specific tips.

The first 3 guides launched will consist of subjects such as:

Actions to take before buying a home

As many may know, buying a home is just the beginning but actually keeping the home over a long period of time is another story. This is a very important part of homeownership. Fannie Mae can offer five important tips for those who are considering the purchase of a home and will provide information on how to choose the right home and improve understanding of affordable financing options.

How Housing Counselors Can Help

For current homeowners or future homeowners, Fannie Mae's second guide will highlight 5 key ways housing counselors can help you in becoming a successful homeowner. Housing Counselors can provide professional advice to owners and future owners on how to sustain your home over an extended period of time.

Protect Yourself from Mortgage Modification Scams

Normally, borrowers who are struggling to pay their mortgages are prone to these types of scams. Although these scammers promise to help those in distress they often times put in little to no work and charge outlandish fees. Within this guide, owners will find 5 key ways to protect themselves.

Fannie Mae Offers Some Relief to Victims of the BP Oil Spill

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

In wake of the recent BP oil spill in the Gulf of Mexico, Fannie Mae announced today the authorization of servicers to suspend or reduce mortgage payments immediately for those affected by one of the most tragic oil spills in U.S. history to date.

Fannie Mae will allow servicers to suspend or reduce oil spill victims’ payments for up to 90 days under their "Special Relief Measures" policy.  During these payment suspensions, servicers will be given the chance to evaluate the oil spill's true impact on the borrowers’ property and financial condition.

After completing the assessments, servicers will determine the appropriate alternatives for distressed borrowers which can include an additional forbearance for up to 3 months, loan modifications, and etc.

Displaying blog entries 1-3 of 3

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

 

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