If your lender offers forbearance. or Fannie Mae, you may find assistance through the Home Affordable Refinance Program. Through this program, you can refinance with a 15- or 30-year fixed rate.
A federal program that provided direct loans to unemployed. As a result, new defaults and foreclosures continue to be a drag on the recovery, Since 2009, about 108,000 have received a forbearance for their FHA-backed loan, back in every way she can think of: No Christmas presents, no cable TV,
Servicing Guide Announcement svc-2012-01 january 11, 2012. The fannie mae unemployment Forbearance program simplifies and streamlines the use of forbearance. The policies described in this Announcement will be added as a new subsection in Part VII, Chapter 403 of the.
· Fannie Mae issued new guidelines to its servicers Wednesday, introducing an unemployment forbearance program which provides servicers the flexibility to assist borrowers who have a financial hardship due to job loss, including those facing imminent default. With unemployment forbearance, the servicer reduces or suspends monthly payments for a specified period for a borrower who is unemployed.
Fannie Mae revealed its new Unemployment Forbearance Program, which mortgage servicers are required to implement by March 1 for all Fannie Mae-owned and backed loans. servicers can now provide up to six months of relief for eligible unemployed borrowers without Fannie.
A day in the life of HUD Secretary Julin Castro The outgoing housing secretary packed up the remaining items of his Washington, D.C., office Thursday morning, just before Inauguration Day. In a fascinating look behind the scenes into the life of one of housing’s biggest players, New York Magazine has a photo essay recapping one day with Julin Castro, the secretary of the.
Learn more about hardest hit fund programs. Home Affordable Unemployment Program (UP) The Home Affordable Unemployment Program reduces or suspends mortgage payments for 12 months or more for homeowners who are unemployed. If you qualify, your mortgage payments may be reduced to 31% of your income or fully suspended.
If you are , or know anyone who has a Fannie Mae/ Freddie Mac serviced mortgage and are unemployed, there may be some good news out there. Statistics show 10% of delinquent FNMA/FHLMC serviced loans are tied to a borrower being unemployed. As a result; Mortgage servicers can approved unemployed borrowers up to 6 months forbearance.
Obama stresses refi plan won’t ‘solve all problems’ Bill would cut all funding to HUD HUD funds would be cut more severely: H.R. 1 would eliminate two-thirds of the funding for CDBG and more than two-thirds for Section 202 and Section 811. It would eliminate housing counseling funds and would reduce funding for HOME, public housing, and Native American housing. It would continue funding for the Rural Innovation Fund and SHOP.Federal Reserve Bank of New York reappoints president Mr. McDonough’s 10 years as the Federal Reserve Bank of New York’s president included guiding it through the Sept. 11, 2001, terrorist attacks and limiting the damage of a major hedge fund’s.Student debt is a $1.2 trillion shadow cast over the lives of tens of millions of Americans, and it’s getting longer each year. president obama has a plan to make it easier for borrowers to pay it.
The news conference comes amid a new sense of optimism at the White House. A separate plan, the Home Affordable Refinance Program, which allows borrowers with loans backed by Fannie Mae and Freddie.
Under the new forbearance program, unemployed borrowers may be allowed to defer all or a portion of their monthly mortgage payment for up to 12 months. Any foreclosure proceedings are suspended during the forbearance period. The unemployment forbearance program applies only to loans owned by Fannie Mae or Freddie Mac, which make up about half.
Despite rising home values, millions still underwater · Still, despite the progress made as the negative equity rate falls, 4.4 million homeowners remain underwater, and about 713,000 of them owe at least twice as much as their homes’ value.