Tag: bad credit mortgage

Loan modifications have always been a possible solution for financial problems, but they have become more popular recently due to the passage of President Obama's Making Home Affordable Act. Along with this Act, the process has be simplified and it has become easier to be approved. It is worth the time taken the time to investigate this plan. Read more [...]

You're not alone these days if you suddenly find yourself unable to pay your monthly mortgage payments. The rate of foreclosures is skyrocketing, and house prices are plummeting. If you're in trouble with your home mortgage, you need to read this simple loan modification guide to learn what to do next. First, find a reputable financial counselor. This section of the yellow pages has exploded recently with new companies helping people with troubled finances. You can choose from any number of reputable companies (just make sure they are in good standing with the Better Business Bureau), or you can get a referral for free financial counseling from your local HUD office. A counselor will discuss your situation and your options, helping you to find the best next step. Read more [...]

It is amazing how the first programs developed in 2007 and 2008 to help people facing foreclosure stop the process and save their homes have failed. The Bush Administration launched two programs, the FHA Secure program and Hope For Homeowners. Neither was successful. Fannie Mae also started its own program. In February of 2008 Fannie Mae announced their HomeSaver Advance program. Their guidelines for this making home affordable were published that June. Fannie Mae called HomeSaver Advance as a preferred option to other loan modification programs. The objective was to give a person facing foreclosure a way to pay the money that they were behind on their loan and to start making their regular monthly payments again. Fannie Mae would arrange for the person to get an unsecured loan for the full amount that they owed. Read more [...]