Freddie Mac announced yesterday that unemployed borrowers may be eligible for unto 12 months of forbearance. Acting with authority from the Federal Housing Finance Agency, Freddie Mac is authorizing mortgage services to provide 6 months of forbearance to unemployed borrowers without Freddie Mac’s prior approval and unto an additional six...
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Short Sales More Accepted by Lenders
Lenders are increasingly becoming more accepting of short sales as they seek more solutions to help struggling home owners avoid foreclosure, according to a recent article at MSNBC.com. “Foreclosure sales are pretty devastating,” said Faith Schwartz, executive director of Hope Now, a resource for homeowners facing foreclosure. “We’d much prefer...
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7 Ways to Avoid Foreclosure
If you a or someone you know is faced with the possibility of losing their home here are several options to avoid foreclosure. Short Sale – A short sale allows the homeowner to avoid foreclosure, minimize financial damage and move on from a burdensome, unaffordable mortgage. In many cases, a...
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Short Sale vs Foreclosure
When it comes to your future as a homeowner, it’s important to understand the realities and consequences of short sales and foreclosure. The following table compares the affects each option can have on your financial future. Use this information to better understand your options and make an informed decision about...
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