Get mortgage help from Freddie Mac's Borrower Help Centers. Counselors can offer loan modifications, mortgage assistance, and They are designed to provide free and confidential mortgage counseling to delinquent Freddie Mac borrowers and other struggling homeowners, regardless of. Homeowners & Homebuyers. And Freddie Mac Goal: Help restore confidence, enhance capacity to fulfill mission, and mitigate systemic risk that contributed directly to instability in financial markets. Complaints, concerns & questions. Have an issue or a question? Find out when and how FHFA can help you! FHFA does not handle individual.
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About the House sailing through a bill to bail out homeowners and the Fannie Mae/Freddie Mac institutions. I love how Yahoo Finance titles it a “rescue” when it should be called a “bail out”. Rescue makes it sound like Congress is doing such a great, noble thing. I know that I sound negative about this, and for some families, it will help them out. There were some families who were truly tricked into a mortgage that they didn’t understand. There were others that knew exactly what they were doing, but the power of greed took over and they moved up in house by taking advantage of creative financing.
Then, there’s the mortgage lenders who knew exactly what they were doing the whole time. They’ve been in the business for a long time.
They knew these people couldn’t afford the houses they were financing, but they still extended the credit. My biggest concern with all of this is the precedent that it sets for a free market economy. You cannot have a big reward without a big risk. The government is taking away the risk for those that extended these loans, because we are in an election year. Take away the election year, and the government would let the housing market correct itself. Instead, they want to convince the American people that they care about them.
My other biggest concern is that we will be helping speculators. Do you think that real estate speculators should be bailed out? A real estate speculator is basically a house-flipper. He or she bought a ton of property during the boom, and then the bubble burst, and they were stuck with a bunch of real estate that wouldn’t sell. If we help these people, we are taking away the risk they took by buying the properties. And now, the icing on the cake: The plan also creates a new regulator with tighter controls for Fannie Mae and Freddie Mac and modernizes the agency. It includes about $15 billion in housing tax breaks, including a credit of up to $7,500 for first-time buyers, and increases the statutory limit on the national debt by $800 billion, to $10.6 trillion.
Oh by the way, this bill is going to increase the national deficit to $10.6 trillion. Guess who’s going to pay off this massive debt that the government keeps racking up? It’s going to be us! How can an industrialized nation like the United State of America have such an obscene debt load?
Don’t just blame it on the president. Blame it on every stinking politician in the House and Senate that has no regard for fiscal responsibility. The government has no clue how to balance their checkbook, but you don’t have to be like them. We can change the lack of financial control of this country with a grassroots effort.
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Many US homeowners have been struggling to keep their homes in the face of dire economic circumstances and possible foreclosure. Fortunately, struggling homeowners can take advantage of mortgage loan modification programs. These federally supported mortgage modification programs are currently available through several government-sponsored entities (GSEs), including Freddie Mac. Two types of mortgage loan modification are offered by Freddie Mac: its traditional modification program and the Home Affordable Modification Program (HAMP).
Standard Mortgage Modification Only homeowners with mortgages owned by Freddie Mac are eligible for its modification programs. The mortgage giant's standard mortgage modification program may make sense if you're already behind in your payments or about to fall behind. Standard mortgage modification through Freddie Mac involves a written agreement between you and mortgage servicer that changes one or more terms of your loan. A better option for many homeowners with Freddie Mac-owned mortgages, though, may be the Home Affordable Modification Program, or HAMP. HAMP Available through Dec. 31, 2013, HAMP allows homeowners with Freddie-owned mortgages to modify their mortgages to lower interest rates.
To be eligible for HAMP mortgage modification you must have taken out your mortgage loan before Jan.1, 2009. Also, only mortgages on primary residences qualify for the HAMP program. Additionally, homeowners must not be eligible for the federal Home Affordable Refinance Program (HARP).
HAMP also requires that you have a documented financial hardship to qualify for mortgage modification. Other HAMP Requirements Freddie Mac-approved HAMP loan modification is intended for homeowners burdened by unaffordable mortgages. To apply for Freddie-specific mortgage modification, homeowners must be spending more than 31 percent of their pre-tax income on their mortgage payments. Mortgage payment costs can include principal, interest, taxes, insurance and homeowner or condo association dues.
Homeowners approved by Freddie for HAMP participation spend time in a trial period that requires on-time mortgage payments before their loans are permanently modified. Other Alternatives If you can't qualify for Freddie Mac's traditional or HAMP mortgage modification programs, other alternatives are available. For example, homeowners with Freddie-owned mortgages may be eligible for the Home Affordable Foreclosure Alternatives (HAFA) program. HAFA features short sales and deeds-in-lieu of foreclosure programs from Freddie Mac that can help you get out of your mortgage.
Though you can't keep your home if you choose HAFA, you may be eligible for $3,000 in relocation cash in addition to counseling services.