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  • March 10, 2009 at 1:29 PM #15269
    HLS
    Participant

    Don’t shoot the messenger..this isn’t going to stop foreclosures, but it is going to help some people refi, allowing them to “save their house”

    I still have 4.50% 30 year fixed rates available that come with a cost, but this is a “Hail Mary” for those who can qualify. Much lower payments.

    There are no exact details yet, but below are the basics:
    Will be interesting to see how quickly this actually is available……………

    GSE’s Extend Eviction Suspension
    March 9, 2009

    Fannie Mae and Freddie Mac are extending the suspension of all eviction proceedings through March 31, 2009 as Fannie Mae implements the Home Affordable Refinance and Home Affordable Modification initiatives.

    Both programs are available to its servicers and borrowers as part of the Obama Administration’s Making Home Affordable program.

    Most borrowers refinancing an existing Fannie Mae loan will not be required to buy new or additional mortgage insurance if the loan at the time of the refinance is more than 80% of a home’s value. Fannie Mae can refinance loans up to 105% of a home’s value with this new flexibility, so even borrowers who are “underwater” may be able to refinance.

    Beginning in April, all 1,600 lenders and 29,000 mortgage brokers using Fannie Mae’s Desktop Underwriter platform will be able to process an application to refinance any existing Fannie Mae loan, allowing for greater origination capacity and easier refinancing for borrowers.

    Through the Home Affordable Modification, loan servicers participating in the program may reduce interest rates, lengthen the payment time frame or take other steps, such as principal forbearance, to bring the monthly payments down to as low as 31% of the borrower’s gross income.

    Fannie Mae has also issued special foreclosure sale requirements. A foreclosure sale may not occur on any Fannie Mae loan until the loan servicer verifies that the borrower is ineligible for a Home Affordable Modification and all other foreclosure prevention alternatives have been exhausted.

    …..HLS

    March 10, 2009 at 3:41 PM #363529
    nostradamus
    Participant

    WOW. Increasing the principal, increasing the life of the loan, and hoping the boned borrower doesn’t walk. Ha!

    March 10, 2009 at 3:41 PM #363817
    nostradamus
    Participant

    WOW. Increasing the principal, increasing the life of the loan, and hoping the boned borrower doesn’t walk. Ha!

    March 10, 2009 at 3:41 PM #363974
    nostradamus
    Participant

    WOW. Increasing the principal, increasing the life of the loan, and hoping the boned borrower doesn’t walk. Ha!

    March 10, 2009 at 3:41 PM #364010
    nostradamus
    Participant

    WOW. Increasing the principal, increasing the life of the loan, and hoping the boned borrower doesn’t walk. Ha!

    March 10, 2009 at 3:41 PM #364122
    nostradamus
    Participant

    WOW. Increasing the principal, increasing the life of the loan, and hoping the boned borrower doesn’t walk. Ha!

    March 10, 2009 at 4:16 PM #363564
    HLS
    Participant

    I still tell people that foreclosure is their solution, not their problem….

    Most don’t want to hear it,, they don’t want to lose their (overpriced stucco box) house…

    At least a refi will help some, maybe not around here, but it’s a nationwide program not designed to save CA…

    Now, how many will bleed their 401K’s to get down to 105% LTV, throwing good money after bad….

    At least a lower payment is possible now.
    Welcome to OBAMAnation….

    March 10, 2009 at 4:16 PM #363853
    HLS
    Participant

    I still tell people that foreclosure is their solution, not their problem….

    Most don’t want to hear it,, they don’t want to lose their (overpriced stucco box) house…

    At least a refi will help some, maybe not around here, but it’s a nationwide program not designed to save CA…

    Now, how many will bleed their 401K’s to get down to 105% LTV, throwing good money after bad….

    At least a lower payment is possible now.
    Welcome to OBAMAnation….

    March 10, 2009 at 4:16 PM #364009
    HLS
    Participant

    I still tell people that foreclosure is their solution, not their problem….

    Most don’t want to hear it,, they don’t want to lose their (overpriced stucco box) house…

    At least a refi will help some, maybe not around here, but it’s a nationwide program not designed to save CA…

    Now, how many will bleed their 401K’s to get down to 105% LTV, throwing good money after bad….

    At least a lower payment is possible now.
    Welcome to OBAMAnation….

    March 10, 2009 at 4:16 PM #364045
    HLS
    Participant

    I still tell people that foreclosure is their solution, not their problem….

    Most don’t want to hear it,, they don’t want to lose their (overpriced stucco box) house…

    At least a refi will help some, maybe not around here, but it’s a nationwide program not designed to save CA…

    Now, how many will bleed their 401K’s to get down to 105% LTV, throwing good money after bad….

    At least a lower payment is possible now.
    Welcome to OBAMAnation….

    March 10, 2009 at 4:16 PM #364157
    HLS
    Participant

    I still tell people that foreclosure is their solution, not their problem….

    Most don’t want to hear it,, they don’t want to lose their (overpriced stucco box) house…

    At least a refi will help some, maybe not around here, but it’s a nationwide program not designed to save CA…

    Now, how many will bleed their 401K’s to get down to 105% LTV, throwing good money after bad….

    At least a lower payment is possible now.
    Welcome to OBAMAnation….

    March 10, 2009 at 4:31 PM #363574
    an
    Participant

    HLS, let me get this straight, they’re now letting us refi up to 105% LTV? If this rumor becomes reality.

    March 10, 2009 at 4:31 PM #363863
    an
    Participant

    HLS, let me get this straight, they’re now letting us refi up to 105% LTV? If this rumor becomes reality.

    March 10, 2009 at 4:31 PM #364019
    an
    Participant

    HLS, let me get this straight, they’re now letting us refi up to 105% LTV? If this rumor becomes reality.

    March 10, 2009 at 4:31 PM #364055
    an
    Participant

    HLS, let me get this straight, they’re now letting us refi up to 105% LTV? If this rumor becomes reality.

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