Relief Insight for Main Street!
Many of you must of heard of the restructuring guidelines that came out of FHFA (which regulates Fannie mae and Freddie Mac). To get the full details of the restructing guidelines go here
Somethings to look at are the following:
Basically under these restructuring guidelines individual homeoweners who are not able to pay their mortgage payments would be able to refinance and get lower payments if they have the following situation:
a) will only be available to Fannie Mae and Freddie Mac borrowers, although the intention is that other lenders will follow suit (regulation by example!)
b) will only be available to ‘troubled’ borrowers, defined as those that are in 90+ day delinquency (but have not filed bankruptcy) and behind on 3 payments
c) will involve modifications to the amount of principle (reducing it) and/or term (increasing it) to get payments/household income ratios back to a ‘conventional’ 38%.
So who will do the negotiating? Their is a nonprofit organization that will do the negotiating. What is weird though is that they have two websites. You can go to either and it is the same phone number 995Hope
I would love to hear what you all think about all of this. Either leave a comment here or email me at psingh@rempower.com
I will look forward to seeing you all in a future workshop!
Prabhjit Singh