Eugene Loan Guy » freddie mac

Loan Modification – What you can and should do!

Fred Chamberlin — Mon, 23 Mar 2009 22:01:37 +0000

I have written before about the loan modification business and I think it will probably be quite big for the next several months, just from what I have seen so far from the housing plan. The Federal Reserve is telling people that loan modifications can be handled by dealing directly with your loan servicer, but what I am hearing from a lot of people is that the loan servicers are not being very responsive to the request for a loan modification. Additionally, I am being told that some of the “non-profits” are not answering their phone or making appointments up to 90 days in advance to help people that are having difficulty with their payments. Read More

Home Affordable Modification Plan FAQs

Fred Chamberlin — Thu, 12 Mar 2009 21:15:54 +0000

The Mortgage Market Guide® said I could copy and paste the following as I wish. Well, my wish is to share it with my readers on the Eugene Loan Guy Blog. This has some of the very best information that I have seen about the Housing Plan announced by Secretary Geithner last week and answers a lot of questions about loan modifications. Now, one of the things that I have stressed is that you should not need to pay someone to do a loan modification. However, there are times that it is just impossible to get everything done because the lender is being difficult. In that case, you might want to hire a modification company with a good track record. Ask for references! I have added some emphasis. Read More

Homeowner Affordability and Stability Plan Announced

Fred Chamberlin — Mon, 23 Feb 2009 19:49:07 +0000

President Obama announced the Homeowner Affordability and Stability Plan in a speech last week that will have a huge effect on the current housing crisis, especially for those people that want to refinance their homes, but are “underwater” on the value. It doesn’t make much sense to refinance an 80% loan to value (LTV) loan without mortgage insurance at 6.25% interest rate to a 90% LTV loan with mortgage insurance at 5%. On a $200,000 loan that would mean a savings of about $70 per month and a cost of about $6,000, or over seven years to break even.*

Homeowner Affordability and Stability Plan Announced is a post from: Eugene Loan Guy