The FED's back away from Helping Homeowners

Well, the FED has backed away from helping homeowners with the 700 Billion Dollar bailout. The Government has decided to apply these funds to help the credit markets and other entities. This isn't a huge surprise for San Diego Homeowners facing foreclosure. Disappointing, but not surprising.

Here is the new assistance program being put forth. Unfortunately, this will only and estimated 5-10% of San Diego Homeowners facing foreclosure.

FEDERAL HOUSING FINANCE AGENCY ANNOUNCES NEW FORECLOSURE MITIGATION EFFORT
The Federal Housing Finance Agency yesterday announced a new loan modification program designed to reduce preventable foreclosures with a simplified, streamlined program to put struggling homeowners into mortgage they can afford. The goal is to have a uniform process for loan modifications that the majority of lenders and servicers will use. Participants include Fannie Mae, Freddie Mac, Federal Home Loan Banks, Hope Now participants, the U.S. Dept. of the Treasury, the Federal Housing Administration and the Federal Housing Finance Agency, and Wells Fargo.

To be eligible, the borrower must: have missed three or more payments; own and occupy the property as a primary residence; have not filed for bankruptcy; and be able to have their mortgage modified so their entire mortgage payment, including association dues, if applicable, is no more than 38 percent of their gross income.

Program details are still forthcoming, with a targeted implementation set for Dec. 15. Troubled homeowners should inquire with their lenders or servicers as to participation and eligibility for this new program.

The best solution when facing foreclosure in today's market is talk with someone, like me, that understands the foreclosure process and the options to avoid foreclosure.

We can't help if we don't know you are in trouble. Timing is critical in today's market!

All the best
Marc

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Don't just survive this RE Market....THRIVE!!! Go to my website for more!

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