Here is the latest on the foreclosure prevention plan from D.C.:
- Eligibility for refinancing incentives is limited to home owners who are underwater by no more than 5 percent.
- Financial incentives apply only to home owners whose mortgage is a conforming loan backed either by Fannie Mae or Freddie Mac.
- Lenders participate voluntarily and can receive financial incentives for lowering borrowers' mortgage burden to no more than 31 percent of their household income. Borrowers can get a financial incentive to participate as well.
- Borrowers who are current can participate, but they must show approaching hardship that could derail their ability to meet payments in the future.
Need more information?
Go to our website http://www.robertandchristy.com/ and click the tab "Homeowners Assistance" then on the left click "Save My Home", we have articles on Loan modifications, how to handle pre-foreclosure issues, and more information.
God Bless!
Robert & Christy
