Posted by Jason Vogler on May 14, 2008 at 12:16:47:
In Reply to: Re: I need HELP. posted by Danielle on May 12, 2008 at 19:22:51:
Fannie Mae just came out with a new loan program offering help for those in need. This is for borrowers who are in foreclosure or going into foreclosure. Fannie Mae will give the borrowers a new loan for $15,000.00 or 15% of the (UPB) unpaid principal balance to bring their loan current and to pay for attorney fees and costs associated with the foreclosure. The good thing about this loan is the borrowers will have no payments for the first six months and then after that they will have a rate of 5% principle and interest, so for $15,000.00 their payment will be $87.77. The $15,0000 however, does not go to the borrower so they can go on vacation. The money goes directly to the lender to pay for their behind payments, attorney fees and associated costs. AND, it IS a loan. BUT it is stretched out over time at a lower rate and it is supposed to be used to keep the homeowner from going into foreclosure. So, someone four months behind could benefit from this program, then go in and modify their loan through principal reduction and interest rate reduction, thus improving the homeowners financial monthly payment structure for the better furhter down the road.
I can tell you we do about 160 loan modifications per month. The success rate is about 85% and it depends on how we can show your type of financial hardship. Typically, if you are upside down with your mortgage, you are late 30-60-90+ or you are in an adjustable mortgage we can get it done. The banks don't want your foreclosed property. However, if you are making enough money and you are just really bad with your spending habits our negotiation becomes difficult. Keep in mind that when we work with your lender, we have to show proof of your financial hardship.
Jason Vogler
Sr Loan Consultant
Commercial Loan Broker
Construction Loan Broker
Foreclosure Expert
314-346-9064 cell
- Re: I need HELP. Danielle 12:36:05 05/14/08 (1)
- Re: I need HELP. Jason Vogler 22:02:35 05/14/08 (0)