Behind in your mortgage?
With more and more companies announcing job layoffs due to the struggling economy, many homeowners are faced with the inevitable: delayed mortgage payments. Homeowners are now struggling to pay down all of their debt like mortgage payments, car payments and credit card bills.
According to a Chicago Tribune article I read this morning, Fannie Mae is going to start allowing borrowers to request loan alterations, even those borrowers who have never missed a payment yet. Qualified borrowers would start with a trial period of reduced payments for about four months. If all of those payments are made on time, then the trial could become permanent. Each case will need to be looked at individually, where the loan company will need to verify income terms and credit reports to make sure that there is a solid reason the borrower needs a reduced payment.
Other mortgage companies may follow in Fannie Mae’s footsteps, like JPMorgan Chase and Bank of America.
Your best bet if you think you might become behind in payments is to contact your loan company and find out if your loan is owned by Fannie Mae. If it is, you can begin to request to be put on this trial program. The link to the article for more information is here.
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