2nd Mortgage Mortgage

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Fee Free Remortgage 2ndmortgagemtgmortgage H Mortgage Szh Blogs Jfive Tags The%20gabes 2nd Mortgage Mortgage

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AK ALEUTIANS EAST $625,500 DENVER
AK ALEUTIANS WEST $625,500 DENVER
AK ANCHORAGE $625,500 DENVER
AK BETHEL $625,500 DENVER
AK BRISTOL BAY $625,500 DENVER
AK DENALI $625,500 DENVER
AK DILLINGHAM $625,500 DENVER
AK FAIRBANKS NORTH $625,500 DENVER
AK HAINES $625,500 DENVER
AK HOONAH-ANGOON $625,500 DENVER
AK JUNEAU $625,500 DENVER
AK KENAI PENINSULA $625,500 DENVER
AK KETCHIKAN GATEWAY $625,500 DENVER
AK KODIAK ISLAND $625,500 DENVER
AK LAKE AND PENINSULA $625,500 DENVER
AK MATANUSKA-SUSITNA $625,500 DENVER
AK NOME $625,500 DENVER
AK NORTH SLOPE $625,500 DENVER
AK NORTHWEST ARCTIC $625,500 DENVER
AK PETERSBURG $625,500 DENVER
AK PRINCE OF WALES-HYDER $625,500 DENVER
AK SITKA $625,500 DENVER
AK SKAGWAY MUNICIPALITY $625,500 DENVER
AK SOUTHEAST FAIRBANKS $625,500 DENVER
AK VALDEZ-CORDOVA $625,500 DENVER
AK WADE HAMPTON $625,500 DENVER
AK
WRANGELL
CITY/BOROUGH $625,500 DENVER
AK YAKUTAT CITY $625,500 DENVER
AK YUKON-KOYUKUK $625,500 DENVER
CA ALAMEDA $625,500 PHOENIX
CA CONTRA COSTA $625,500 PHOENIX
CA LOS ANGELES $621,000 PHOENIX
CA MARIN $625,500 PHOENIX
CA NAPA $460,000 PHOENIX
CA ORANGE $621,000 PHOENIX
CA SAN BENITO $625,500 PHOENIX
CA SAN DIEGO $477,000 PHOENIX
CA SAN FRANCISCO $625,500 PHOENIX
CA SAN LUIS OBISPO $457,700 PHOENIX
CA SAN MATEO $625,500 PHOENIX
CA SANTA BARBARA $598,000 PHOENIX
CA SANTA CLARA $625,500 PHOENIX
CA SANTA CRUZ $610,650 PHOENIX
CA SONOMA $419,750 PHOENIX
CA VENTURA $518,650 PHOENIX
CO EAGLE $625,500 DENVER
CO LAKE $625,500 DENVER
CO PITKIN $625,500 DENVER
CO ROUTT $523,250 DENVER
CO SAN MIGUEL $625,500 DENVER
CO SUMMIT $621,000 DENVER
CT FAIRFIELD $601,450 CLEVELAND
DC DISTRICT OF COLUMBIA $625,500 ROANOKE
GU GUAM $625,500 HONOLULU
HI HAWAII $625,500 HONOLULU
HI HONOLULU $695,750 HONOLULU
HI KALAWAO $625,500 HONOLULU
HI KAUAI $625,500 HONOLULU
HI MAUI $625,500 HONOLULU
ID TETON $600,300 DENVER
MA DUKES $625,500 CLEVELAND
MA ESSEX $460,000 CLEVELAND
MA MIDDLESEX $460,000 CLEVELAND
MA NANTUCKET $625,500 CLEVELAND
MA NORFOLK $460,000 CLEVELAND
MA PLYMOUTH $460,000 CLEVELAND
MA SUFFOLK $460,000 CLEVELAND
MD ANNE ARUNDEL $494,500 ROANOKE
MD BALTIMORE $494,500 ROANOKE
MD BALTIMORE CITY $494,500 ROANOKE
MD CALVERT $625,500 ROANOKE
MD CARROLL $478,400 ROANOKE
MD CHARLES $625,500 ROANOKE
MD FREDERICK $625,500 ROANOKE
MD HARFORD $478,400 ROANOKE
MD HOWARD $478,400 ROANOKE 

MD MONTGOMERY $625,500 ROANOKE
MD PRINCE GEORGE’S $625,500 ROANOKE
MD QUEEN ANNE’S $478,400 ROANOKE
NH ROCKINGHAM $460,000 CLEVELAND
NH STRAFFORD $460,000 CLEVELAND
NJ BERGEN $625,500 CLEVELAND
NJ ESSEX $625,500 CLEVELAND
NJ HUDSON $625,500 CLEVELAND
NJ HUNTERDON $625,500 CLEVELAND
NJ MIDDLESEX $625,500 CLEVELAND
NJ MONMOUTH $625,500 CLEVELAND
NJ MORRIS $625,500 CLEVELAND
NJ OCEAN $625,500 CLEVELAND
NJ PASSAIC $625,500 CLEVELAND
NJ SOMERSET $625,500 CLEVELAND
NJ SUSSEX $625,500 CLEVELAND
NJ UNION $625,500 CLEVELAND
NY BRONX $625,500 CLEVELAND
NY KINGS $625,500 CLEVELAND
NY NASSAU $625,500 CLEVELAND
NY NEW YORK $625,500 CLEVELAND
NY PUTNAM $625,500 CLEVELAND
NY QUEENS $625,500 CLEVELAND
NY RICHMOND $625,500 CLEVELAND
NY ROCKLAND $625,500 CLEVELAND
NY SUFFOLK $625,500 CLEVELAND
NY WESTCHESTER $625,500 CLEVELAND
PA PIKE $625,500 CLEVELAND
UT SALT LAKE $594,550 DENVER
UT SUMMIT $594,550 DENVER
UT TOOELE $594,550 DENVER
VA ALEXANDRIA $625,500 ROANOKE
VA ARLINGTON $625,500 ROANOKE
VA CLARKE $625,500 ROANOKE
VA FAIRFAX $625,500 ROANOKE
VA FAIRFAX IND $625,500 ROANOKE
VA FALLS CHURCH $625,500 ROANOKE
VA FAUQUIER $625,500 ROANOKE
VA FREDERICKSBURG $625,500 ROANOKE
VA LOUDOUN $625,500 ROANOKE
VA MANASSAS $625,500 ROANOKE
VA MANASSAS PARK $625,500 ROANOKE
VA PRINCE WILLIAM $625,500 ROANOKE
VA SPOTSYLVANIA $625,500 ROANOKE
VA STAFFORD $625,500 ROANOKE
VA WARREN $625,500 ROANOKE
VI ST. CROIX $625,500 ST. PETERSBURG 

VI ST. JOHN $625,500 ST. PETERSBURG
VI ST. THOMAS $625,500 ST. PETERSBURG
WA KING $458,850 DENVER
WA PIERCE $458,850 DENVER
WA SAN JUAN $432,400 DENVER
WA SNOHOMISH $458,850 DENVER
WV JEFFERSON $625,500 ROANOKE
WY TETON $625,500 DENVER

For the last four years, HAMP, the Home Affordable Modification Program has been one of the big sources of help for struggling homeowners. The government mortgage help program provides homeowners with a variety of options to save their mortgage. However, not everybody qualifies for the Home Affordable Modification Program. Fannie Mae introduced the Payment Reduction Plan, also known as PRP, as an alternative for those who could not qualify for HAMP. As of January 1st, 2012, this option is no longer available.

Why has Fannie Mae cancelled this relief program? According to press releases from Fannie Mae, the volume of applications and existing homeowners in the program did not justify keeping it running. The Payment Reduction Plan started on October 26, 2009, and was first designed as a bridge program to help those who were trying to qualify for HAMP. It later developed into an alternative for homeowners who did not meet the criteria for the Home Affordable Modification Program. The main attraction of the PRP is it didn’t only reduce monthly payments, it reduced the mortgage principal and the mortgage interest rates, which provided “real” help to homeowners. For instance, a homeowner in the Payment Reduction Program could benefit from a reduction of 30 percent in monthly mortgage payments.

This is in stark contrast of so-called modification programs that simply extend the term of the mortgage or attach late payments to the end of the mortgage. Unfortunately, the application process for the Payment Reduction Plan seems to have been less streamlined as its creators had intended and the volume of successful candidates has dropped in the last two years.

Sadly, the Payment Reduction Plan was itself a downscaling of the previous “best mortgage rate reduction” in town: Fannie’s HomeSaver Forbearance Program. The HomeSaver Forbearance Program offered homeowners who were struggling with their mortgage payments a reduction of up to 50 percent for qualifying candidates. The argument Fanny Mae offered for the drop in mortgage reduction offered by their PRP program was that 30 percent was a more realistic and “permanent” reduction for mortgage servicers. It seems 30 percent is no longer a realistic or permanent solution either.

Nevertheless, homeowners looking for government help for their mortgages still have options to consider. For instance, eligible applicants can apply for the Forbearance Relief program Fannie Mae plans to launch in March 2012. The Forbearance Relief program is designed, as the PRP was, to cater for homeowners who do not qualify for the mainstream modification programs, such as unemployed homeowners who have fallen behind on their mortgage payments.

Up to now, homeowners who are struggling to pay their mortgages had four main options: selling, a mortgage refinance, a loan modification or a short sale. Fannie Mae now offers home owners who are struggling to make payments another way to get back on their feet.

The program is called the Forbearance Relief program and Fannie Mae is requiring all its approved servicers to offer it to unemployed borrowers starting from March 1, 2012.

The Program

What does this program offer? It doesn’t reduce the principal of the mortgage, it doesn’t reduce the interest rate. However, it does offer what many home owners need more than anything: time. In a nutshell it provides unemployed borrowers with 6 to 12 months of forbearance to allow homeowners time to get a job and put their finances in order. During the forbearance time lenders are not allowed to charge borrowers for late charges. In the event that a homeowners qualifies for a loan modification while in the forbearance period, the servicer must waive any unpaid late charges.

This program will simplify the existing forbearance requirements and simplify the application procedure. Freddie Mac—the other Government subsidized second market corporation—will also offer this program, starting from February 1st.

Requirements

This is one of the strengths of this program. The Forbearance Relief program is open to most struggling homeowners. This includes delinquent borrowers, borrowers on the verge of delinquency and underwater mortgages. However, it is only open to principal residence homes. In other words, only borrowers who use the home in question as their main residence can apply. Second homes, vacation homes or investment properties cannot qualify for forbearance relief.

MBS Mortgages

Mortgages that have been pooled into mortgage-backed securities are a special case in the Forbearance Relief program of Fannie Mae and Freddie Mac. Homeowners whose mortgages have been included in MBS may qualify for up to six months of forbearance, but only if the pools were issued from June 1, 2007 to December 1, 2008. Longer forbearance plans may be offered, but only to mortgages pooled in to mortgage based securities before May 2007 or after January 2009.

Extensions

Once a mortgage is approved for the Forbearance Relief program, the homeowner must take steps to reinstate the mortgage payments by the end of the forbearance period. If a homeowner needs an extension, the application for the extension must be filed between day 120 and 135 of the forbearance plan (between month four and five). Note that eligibility for this program is determined on a monthly basis.

Up to now, homeowners who are struggling to pay their mortgages had four main options: selling, a mortgage refinance, a loan modification or a short sale. Fannie Mae is trying to give home owners who are struggling to make payments and need a little time to get back on their feet.

The program is called the Forbearance Relief program and Fannie Mae is requiring all its approved servicers to offer it to unemployed borrowers starting from March 1, 2012.

The Program