Tuesday, December 1st, 2009
Finally, relief for those seeking a loan modification, short sale or deed-in-lieu of foreclosure. Lets hope these will be the game changers we’ve been waiting for.
- Update for those seeking a loan modification using Making Home Affordable (a.k.a. HAMP)
- New guidelines for streamlining short sales and deed-in-lieu of foreclosures (HAFA)
This information is also available under “Modification Center”
DHW asks: Do you think these programs will be game changers?
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Thursday, November 5th, 2009
Fannie Mae is expanding its ‘Deed for Lease’ program to help thousands of homeowners facing foreclosure. The program is designed for those who want to stay in their homes but do not qualify for President Obama’s loan modification program. Participants transfer their title to Fannie Mae and rent back for up to one year.
Some facts about the program:
- Fannie Mae has hired an outside agency to manage the properties (name of agency has not been released)
- Rent cannot exceed 31% of the homeowners’ pretax income
- Homeowners must be able to prove they can afford the market rent (established by the management company)
- Participants must use the home as their primary residence
DHW asks: Do you think ‘Deed for Lease’ is a good idea?
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