Positive News On Real Estate » Loan Modifications to Help Struggling Homeowners http://www.positiveonrealestate.com Positive Real Estate News Thu, 09 Feb 2012 15:34:35 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Loan Modifications to Help Struggling Homeowners http://www.positiveonrealestate.com/pr/9 http://www.positiveonrealestate.com/pr/9#comments Fri, 19 Dec 2008 18:10:33 +0000 admin http://www.positiveonrealestate.com/?p=9 Faced with a dramatic surge in defaults, both Freddie and its sibling company, Fannie Mae, are stepping up efforts to prevent foreclosures by increasing loan modifications.The federal agency that regulates the two companies anticipates they will modify about 75,000 troubled loans next year, up from about 60,000 this year. The program applies only to borrowers who have missed three months of payments and have not filed for bankruptcy and still live in their homes.

Most of the increase is expected to result from a mass loan modification program for loans owned by Fannie or Freddie that was launched this week. Loan servicing companies, which collect mortgage payments for Fannie and Freddie, are expected to send out thousands of letters to eligible borrowers in the coming weeks.

But for borrowers who are current on their mortgages, they can take advantage lower interest rates, refinance and save money.

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