Who Is This?November 13, 2010
Castlegate Fall Festival 2010November 16, 2010
As a Broker for Fannie Mae foreclosure sales in Bryan and College Station, I attended a conference today with the Fannie Mae Representatives. Below is a short summary of Session 1 giving a little information about which institutions have the majority of foreclosures throughout the country and what options consumers with Fannie Mae loans have.
Fannie Mae has about 23% of the foreclosures in the country. (I expected them to have more with all the publicity they receive.)
- Fannie Mae 23%
- Private Label (banks, mortgage companies) 54%
- Freddie Mac 11%
- HUD 10%
- VA 2%
There are 3 programs offered for Fannie Mae loans trying to help homeowners keep their homes through MakingHomeAffordable.gov
- Home Affordable Refinance Program (HARP)
- Home Affordable Modification Program (HAMP)
- Home Affordable Foreclosure Alternatices (HAFA)
- GSE borrower with good payment history
- Borrower will benefit from:
– Reduced monthly payment or
– more stable product (e.g., ARM – Adjustable Rate Mortage to FRM – Fixed Rate Mortgage)
– No additional mortgage insurance
- Limited cash out -closing costs only
- No minimum credit score
- Up to 125% loan to value ratio now available
- Obama Administration program managed by the Treasury Dept
- GSE loans
- Non GSE loans (government shares in the modification costs)
- Used to avoid foreclosure by providing incentives in connection with a Short Sale or Deed-in-lieu (DIL)
- complements HAMP by providing a viable alternative for homeowners who are HAMP eligible, but still unable to keep their homes
- Requires borrowers to be fully released from future liability for the debt
- HAFA simplifies and streamlines the Short Sale and the DIL process by providing a standard process flow, minimum performance timelines and standard documentation.
How do you find more information or get help?
And, call me and I will do all I can do to help. Just please do something. Don’t ignore the notices from your mortgage company. You know if you are not making your mortgage payments. Be proactive and lets find a way to help you overcome this situation.
Century 21 Beal, Inc.