The Wall Street Journal reports that Fannie Mae and Freddie Mac will announce a massive program aimed at speeding up the loan modification process. Government officials hope other lenders will follow the Fannie Mae and Freddie Mac program guidelines and speed up their handling of their borrowers’ requests for mortgage modifications. This program would apply only to owner occupants and NOT investors.
The banking industry led by Bank of America, JP Morgan and CitiGroup said it would modify up to $20 Billion Dollars worth of mortgages who are current with their payments but ar ein danger of falling behind.
The FHA Hope for Homeowners Program went into effect October 1, 2008 and hopes to help 400,000 borrowers.
Chris Molnar, a fellow Coldwell Banker agent and Homescopes blooger, recently made a post written by a lender of hers, Raffi Soghomonian (650 591-8830 or raffi@bixx.com) that gives specific details on the Hope for Homeowners program. If you are in any difficulty with your mortgage at the current time, I suggest you read this post.
Of course, there are always people who will try to take advantage of someone else when they are in distress. There has been a rapid rise in people calling themselves “loan modification” specialists. These folks are totally unregulated.
Jillayne Schlicke recently wrote a very informative post in Rain City Guide that warns people about these scam artists and directs all individuals to obtain legal counsel when considering a loan modifcation and Jillyanne also directs folks to HUD-approved Housing Counseling Agency. Check this post out!
Get good advice on any loan modification!
1 response so far ↓
1 Jillayne Schlicke // Nov 11, 2008 at 5:53 pm
Hey Arn,
Thanks for the mention here on your blog. The topic of Loan Mods is a very hot topic of conversation these days.
Can you do me a favor and correct the spelling of my name? Here it is:
Jillayne
Pronounced like Elaine except with a Jill.
Thanks!
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