As people struggle to make ends meet, many are looking to home loan modification programs for financial relief. Under Obama’s foreclosure assistance plan, homeowners can have their monthly mortgage loan payment lowered. Their new payment can be dropped to 31% of their pre-taxed income. Homeowners that qualify for the program start with a trial period of at least three months. If they can prove income and make payments on time, they will then qualify for a permanent modification.
While this program Read more [...]
Chris Thorman of Software Advice recently detailed the ins and outs of Fannie Mae's new Deed for Lease program (D4L).
Announced earlier this month, Fannie Mae's D4L program allows qualified borrowers who cannot pay their mortgage to remain in their homes as renters - after they give up the deed to their property.
Once a borrower has exhausted all of their other loan modification options, they can enter into a deed-in-lieu agreement with Fannie Mae. That means that they give up the deed to the Read more [...]
Debbie Dragon on November 24th 2009 in Mortgage News