Fannie Mae and Freddie Mac Loan Modification Leads to Some Workouts
17 April 2009 - Mortgage rates have been down a little bit this week, even though the Dow has been creeping upward.
Billions in federal bailout money have been earmarked for ?loan modification? of Fannie Mae and Freddie Mac loans. This means the government will help defray the cost of a loan ?work out? for a lender who is modifying the terms of a loan (be it the loan amount, rate/payment, etc) to help homeowners avoid foreclosure. This should be great thing for the housing market, as it should help stave off foreclosures, thereby keeping home values from plummeting further. The one thing I don?t like about this is it only applies toward loans that are already government-backed. For the millions of homeowners who have subprime loans, it will not help.
And the largest real estate bankruptcy in history happened when General Growth Properties, the nation?s second largest shopping mall owner/operator filled for Chapter 11.
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About Neena Vlamis
Neena Vlamis, President and Co-founder of A & N Mortgage Services, enjoys a challenge. In particular, she and colleagues specialize in finding the best mortgage product for each of their home-buying customers. Whereas many financial institutions shy away from customers who have special financial needs, Neena and A & N boast a winning record with clients from all ends of the spectrum. Neena and the professionals at A and N succeed in home-financing scenarios as a result of their unparalleled commitment to providing honest advice, extensive breadth of personal finance knowledge vis-a-vis home ownership, and their power of being a mortgage bank and broker. These assets, in combination, have built A & N Mortgage Services into the premier originator of residential home loans in the Chicagoland area. Neena Vlamis and A and N Mortgage will identify the optimal financial product and strategy for your specific homeownership need. You can contact her at [email protected] or 773-305-LOAN.
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April 17, 2009 at 11:44 am
The unfortunate part is the home owner that does not have a Fannie Mae or Freddie Mac backed loan are left behind to figure it out for themselves…that just not right. [email protected]
April 17, 2009 at 1:02 pm
I do have a Fannie and Freddie backed loan with Washington Mutual. I have “applied” for a modification with WAMU. A while back, I had called WAMU and was given another number to call. I can’t find the number anywhere. Do you know if this funding is only for banks servicing the backed loan, or if I should be talking to some-one else. I have not defaulted, yet. But, I cannot sell the house right now and am working in another state and renting. So I pay rent and a mortgage.
May 16, 2009 at 8:57 am
I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.
January 13, 2010 at 11:08 am
I’ve been waiting for several months to get my loan modification off the ground. It seems they take forever and I wish I had better prepared myself by reading more blogs and articles like this…I think I coulda done better.