Foreclosure Prevention

The Federal Housing Finance Agency department head, James Lockhart, has been appointed conservator of  Fannie Mae and Freddie Mac by Congress.  A current plan to aid in foreclosure prevention is to allow lenders to modify their at risk loans by refinancing into a 40-year, lower interest-rate mortgages and to reduce borrower’s burdens by permitting them to roll up to six months of missed payments into what amounts to an unsecured second loan.  Fannie Mae and Freddie Mac are also increasing staff and adjusting compensation to their internal structure better matches the size and complexity of the processing demand they now face. 

 

Now is the time for action.  Don’t hesitate any longer, contact me for assistance.