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New Mortgage Help for Deliquent Home Owners

by | | Last Updated On October 17, 2017

New Mortgage Help for Deliquent Home Owners
Affordable monthly mortgage payment based on household gross income.

Mortgage Modification Program for "high risk borrowers" from Freddie Mac and Fannie Mae

Freddie Mac and Fannie Mae have announced a streamlined mortgage modification program for highest risk borrowers. The program intends to create an affordable monthly mortgage payment based on household gross income.

What is a "high risk borrower"? It means you:

  • have missed three (3) payments or more,
  • own and occupy the property as a primary residence, and
  • have not filed bankruptcy.

If you think you may qualify, here are steps you need to take:

  • Call your loan servicer if you think you qualify for the Fannie Mae/Freddie Mac loan modification program. To qualify, you must be 90 days delinquent, verify your income and the value of the house, live in the house and have a loan of at least 90% of the home's value.
  • If you don't qualify for the Fannie Mae/Freddie Mac plan, contact HOPE Now, an alliance of mortgage companies, for a custom workout. Go to www.hopenow.com or call 888-995-4673.
  • If your loan is serviced or owned by Citigroup, go to www.mortgagehelp.citi.com or call 800-6678-4243.

Other lenders that have announced foreclosure prevention measures in recent weeks include JPMorgan Chase & Co. and Bank of America Corp.





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