Fannie Mae to adopt Foreclosure Avoidance Program similar to government HAFA already in place
Beginning August 1, 2010 FANNIE MAE backed loans will be eligible for a foreclosure avoidance program similar to the current HAFA program already in place to help homeowners that can't qualify for a loan modification, or that have been unable to make the trial payments on an approved modification. The plan requires the homeowner to meet certain criteria to qualify, but once in the program there are some benefits including a more streamlined short sale process, forgiveness of all debt on both first and second loans after an acceptable short sale has closed, and up to $3000 for the homeowner to help pay for moving expenses.
There are strict criteria to qualify, and there may be some downfalls to the homeowner if they are accepted into the program (including the possibility that you will have to start making payments again until it sells; and if it doesn't sell you will automatically lose the house by a Deed-in-lieu of foreclosure which is virtually a 'voluntary' foreclosure on your credit report and requires you to voluntarily sign the house over to the mortgage holder and when the property is verified to be left clean and not vandalized of appliances and fixtures you will receive your "cash for keys" payoff from the lender.
For more information on how these Foreclosure Programs work and to see if you qualify and if it is the best solution for you- Call me at 619-913-7783. There is no cost or obligation; and remember that doing nothing will not stop the foreclosure- You do have options and we have successfully stopped auctions and avoided the foreclosure for many homeowners. A foreclosure stays on your credit for 7 years, working with a qualified, experienced Realtor to sell your house for less than what it's worth on approval from your lender(s) will avoid a huge, long-term hit to your credit score and enable you to purchase again in 18-24 months, not to mention that your credit score will recover much sooner giving you better rates on other loans in the future (auto, credit cards etc) Call today! My team of experienced negotiators can help you!