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These new terms are typically obtained through loan modification, short sale negotiation, short refinance negotiation, deed in lieu of foreclosure, cash-for-keys negotiation, a partial claim loan, repayment plan, forbearance, or other loan work-out. All of these options aim to reduce financial risks for the lender (or investor).
Extend the repayment period: Lengthening the loan term lowers your monthly mortgage payments. Reduce the principal: In some cases, the lender might forgive some of the loan balance to lower your ...
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance.
The Flex Modification program is a conventional loan modification program designed to help homeowners who are experiencing long-term or permanent financial hardship. Using this program can help ...
The state is expanding its federally funded mortgage relief program to help more Californians. In addition to reaching people who fell behind on their payments in 2022 and early 2023, it is ...
Ginnie Mae, formerly the Government National Mortgage Association, which originally only provided insurance for bonds issued by FHA and VA mortgages in special affordable housing programs. [3] In 1970, Ginnie Mae became the first organization to create and guarantee MBS products and has continued to provide mortgage funds for homebuyers ever since.
About 26 million federal student loan borrowers have applied for forgiveness under the Biden administration's debt relief program, the White House announced on Wednesday. When and if those ...