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Welcome to Foreclosure Guide
Fannie Mae Foreclosure Article
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Stop Foreclosure Procedures by Learning how to Come up With the Money to Save Your Home.
from:There are many reasons why a homeowner will become stressed for money and unable to make the required mortgage payments. Perhaps there has been a loss of income. Either the main breadwinner or secondary income earner had lost a job. Perhaps there is a death in the family, major illness and time loss at work. There may have been unexpected repairs, or an unforeseen inability to meet all debt accumulation from various sources, including meeting the adjustable interest rates stipulated in the mortgage.
At the first sign of trouble do not negate your home ownership obligations. Do not ignore the letters from your bank or mortgage company and think that stalling will stop foreclosure on your property. Most banks will not wait more than 120 days for their payments. You have to take action to stop foreclosure.
Banks and other financial lenders will start with a notice of default which safe guards their interest not yours. Act immediately before this legal action takes place. Call them and try to make some arrangements for payments to stop foreclosure actions before it even starts.
Many lenders will agree to accept a payment plan before proceeding with legal action. In rare occasion if you are behind in a payment the lending institution may allow a debt forgiveness if you are just behind by a payment or two. They may allow you to spread the payment debt in order for you can pay a little more than your current payment each month until the arrears is caught up. They may change the mortgage plan for you if the current one is no longer attainable. They may add back payments to the end of loan and your mortgage is extended (refinanced), or they may offer you an additional loan (partial claim) in order to pay back the arrears on your mortgage
Once the notice of default is filed different actions will take place in order to stop foreclosure.
You may sell your house and get out of debt that way
• Ask for a Short Sale, where the lender will agree to allow you to keep the house by accepting less that the total amount due. This action does affect your credit rating and will not be granted by all banks and lenders.
• You may also sign a deed in lieu of foreclosure where you give the title deed of the property back to the signing bank or lending company. That too may affect a your credit rating as it is often seen as a foreclosure as well. It is possible to negotiate to be able to stay in the home until new suitable lodgings have been found.
Another way to stop foreclosure on your home is to obtain refinancing through a lender that offers what is called a foreclosure bailout. Most homeowners can qualify for this loan. It only requires a credit score of 500 and a least 25 percent equity on the home. You will need to look for a reputable equity lender for this type of loan; be careful not to get scammed and lose what little you have left of your home. These loans are also more expensive and you will want to make sure you can give as much down payment as you can, so that you can get out from under faster and move to a more conventional type of loan. You can pay the point requirement and save a prepayment penalty as well. If you have enough equity on your home, you may be able to add additional debts to this loan until such time as you can get back on your feet. Keep in mind these loans are designed to be short-term loans to bail you out of a bad temporary situation.
Fannie Mae Foreclosure Specific links
Fannie Mae Foreclosure News
Sorry, But Principal Reductions Won't Solve Mortgage Mess - Investor's Business Daily
 PBS | Sorry, But Principal Reductions Won't Solve Mortgage Mess Investor's Business Daily By TED GAYER AND PHILLIP SWAGEL Posted 05/18/2012 06:54 PM ET Edward DeMarco, the temporary director of the Federal Housing Finance Agency, continues to endure blistering criticism for refusing to allow — Fannie Mae (FNMA) and Freddie Mac to pay for ... Borrowers' full disclosure is key Taxpayer funds used for some principal reductions in California |
Fannie Mae: delinquent loans dropping - Christian Science Monitor
 Christian Science Monitor | Fannie Mae: delinquent loans dropping Christian Science Monitor The latest release of the Fannie Mae Monthly Summary indicated that total serious single family delinquency declined slightly in March while remaining at distressed levels. 'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who ... |
Principal Reductions Won't Solve the Mortgage Mess - Bloomberg
 PBS | Principal Reductions Won't Solve the Mortgage Mess Bloomberg Edward DeMarco, the temporary director of the Federal Housing Finance Agency, continues to endure blistering criticism for refusing to allow Fannie Mae and Freddie Mac to pay for large-scale principal reductions for underwater borrowers (those who owe ... Lenders less leery of reducing homeowners' principal Fannie Mae, Freddie Mac 2012 bill sale calendar Aren't We All Better Off if Fannie, Freddie Forgive and Forget? |
CAR Commends California Congressional Members for Introducing Bill to Stop ... - MarketWatch (press release)
CAR Commends California Congressional Members for Introducing Bill to Stop ... MarketWatch (press release) ... Gary Miller (R-Brea) and seven other California congressional members for introducing legislation that calls for the Federal Housing Finance Agency (FHFA) to cease its plan to sell Fannie Mae-owned foreclosed homes in California to large investors. Bill would stop bulk REO sales in California REO to Rental: Treating the Symptoms and Not the Disease |
US regulator balks at Calif. foreclosure fixes - Reuters
 News10.net | US regulator balks at Calif. foreclosure fixes Reuters ... May 15 (Reuters) - The housing regulator for mortgage-giants Fannie Mae and Freddie Mac on Tuesday said laws under consideration in California to halt illegal foreclosures could restrict mortgage credit and hamper necessary home seizures. Federal regulator questions Calif. mortgage bills |