Fannie Mae and Freddie Mac announced Foreclosure Protection Program Springfield. The new foreclosure program Flex Modification will replace the existing program in late 2017. Two corporations developed FLEX at the direction of the FHA.
“The Flex Modification is an adaptive program that will allow us to continue to assist struggling homeowners in a changing housing environment, and simplify the process for servicers to deliver those solutions.”
Flex Modification is expected to provide a 20 percent payment reduction for eligible borrowers. That includes a high percentage of those who are at least 60 days delinquent. The Fannie, Freddie foreclosure protection program Springfield could be an option for those who are current or less than 60 days delinquent in certain situations.
Imagine, you struggle to pay your $1,000 a month mortgage, then suddenly Fannie and Freddie agree to cut your payment by $200. The Flex Modification program doesn’t go into effect until late 2017. However, recognize the warning signs of approaching foreclosure trouble including:
Contact your lender and level with them. When you come clean about your financial situation, he may be able to modify the loan, offer forbearance or give you repayment options.
(A) Loan modification could include a reduction of the interest rate, convert from a variable interest rate to a fixed interest rate, or extend the length of the term of the loan. A loan modification agreement is a permanent solution to unaffordable monthly payments.
(B) A forbearance agreement provides short-term relief for borrowers. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period and not to initiate a foreclosure during the forbearance period.
(C) Repayment options could include a plan to repay missed payments in addition to making monthly payments, especially if there is a temporary hardship
Don’t ignore your mail. Many have been in your shoes. Those first envelopes will contain helpful suggestions to get things under control. Then will come legal action. Ignoring those notices can cause you to lose everything.
Know the Process of Foreclosure. You can help yourself by understanding that once you are delinquent by 60 days, you open yourself to losing your house. In most states, 120 days delinquent can cause foreclosure proceedings to commence.
Under the federal CFPB, the mortgage servicer must wait until you are more than 120 days delinquent on payments. The first official notice or filing for any non-judicial or judicial foreclosure can come at any time after 120 days.
Since our inception, we have been helping homeowners along with improving communities in every city in which we work.
We have extensive knowledge of the business, a network of resources, and years of expertise. In addition, Obsidian Home Solutions can assist homeowners with a wide variety of real estate problems. We pride ourselves on our reputation for working one-on-one with each customer to handle their situations.