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mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

I just heard that consumers that have Freddie Mac Loans can go directly to the servicer and they will...

1. Lower the rate as low as 2% to keep the debt ratio under 31%, if that does not work, they will then

2. add up to 10 years to the term, and as a last resort they will

3. decrease the principal balance

This is all in the President's Home Affordable Plan

This should stop the foreclosures and short sales, which will stop the decreasing values!

Does anyone have more info on this?

adonis · Posted: Wed Apr 15, 2009 12:02 am Post subject:

Hi mtgfixit!

Welcome to the forums!

Obama Administration has come up with the Home Affordable Plan in order to help borrowers who are upside down in their mortgage payments. The borrowers can either opt for a refinance or loan modification. In order to refinance their properties, the borrowers should be current on their mortgage payments.

If they are not current on their payments, the borrowers may apply for the loan modification wherein the lenders can reduce their interest rates to as low as 2%. In lieu of that, the lender may increase the term of paying off the dues. The government, on the other hand, will provide the lenders with incentives for that.

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

Hello Adonis,

Thank you!

I also heard that the government is giving upto $1,000 to the lender every month to cover the difference for those mortgages that are modified and possibly upto $1,000 to the homeower to offset the payments for a 3-5 year period - do you know if this is correct or not?

jameshogg · Posted: Wed Apr 15, 2009 9:06 pm Post subject:

Hi mtgfixit,

Well as far as I know, the government is giving the lenders an incentive to lower the interest rates and modify the loan. However, I do not know the exact amount the government is giving the lender to cover the difference.

Thanks

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

Hi James,

Thanks for the info!

jameshogg · Posted: Fri Apr 17, 2009 2:42 am Post subject:

You are most welcome Karla Smile

Guest

I am buying a single family home for investment property. I am putting 20% down but the lender still says I have to buy rental loss income insurance. I am not concerned about being able to make the payments because I do not have any other payments and they know that. Is this strictly enforced.
Melinda bigg

Niicss · Posted: Thu Feb 25, 2010 2:31 am Post subject:

Most of the lenders require you to purchase the rent loss policy when you're buying your investment property. This is not an optional policy as per the rules put forward by Freddie Mac.

To know more on this topic, check out:
http://www.mortgagefit.com/rent-insurance.html

Guest

Help! I guess I just don't quite understand this yet. I am current on my mortgage, with a 30 yr fixed rate of 5.75. The value of my home is in the mid 100's while I owe just over 200. Is there any relief for me under the Make Homes Affordable Act?

smithsussane · Posted: Wed Feb 02, 2011 11:05 pm Post subject:

Hi asaskater!

Welcome to forums!

You should contact your present lender and apply for hardship help under the Making Homes Affordable Program. The lender will judge your situation and let you know whether or not you'll qualify for any help.

Feel free to ask if you've further queries.

Sussane

ki2 · Posted: Thu Feb 03, 2011 8:41 am Post subject: Freddie Mac HAMP

The best source and where we pull all of our information is from the HAMP directives, that are sent to the lending servicers even Fannie and Freddie.
In regards to a loan modification through Freddie they do have a loan modification, but their guidelines are usually a little more strict than some of the other loan modification programs. You can visit the Hampadmin.com website for more information.

There is a $1000 incentive to the servicers when the loan is modified and they will receive this only if the homeowner stays current. There is a small incentive of about 83.00 in principal reduction to the borrower every month they make a payment on time.

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Freddie Mac - Loan Modifications