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Help Stop Foreclosures Initiative Information by Home Destination for overcharged struggling homeowners, home mortgages loan, homeowners facing foreclosure in the Minneapolis real estate market.
Minnesota borrowers will be eligible for up to $280 million under the national mortgage settlement. Read how Minnestoa legislators allocated settlement funds.
This includes $113 million in monetary and refinancing payments and $167 million in principal reductions and other relief. The Federal Reserve Banks have established Foreclosure Resource Centers to help address local and regional challenges in their mortgage markets and local communities. We are fortunate to have one in Minneapolis. From 2005 to 2010, the number of mortgage delinquencies in Minnesota steadily increased, and since 2010 has either declined or stabilized.
Seriously delinquent loans include those mortgages that are 90+ days delinquent or in foreclosure. If you have already lost your home to foreclosure and believe you may qualify for restitution and reinstatement, please visit our National Mortgage Settlement page or the National Mortgage Settlement website. We help homeowners understand the benefits available for qualifying mortgage borrowers through the National Mortgage Settlement.
Help Stop Foreclosures - Overcharged Struggling Homeowners
Bank of America Subsidiary Reversing or Refunding $36 Million in Fees to Resolve FTC Allegations That it Overcharged Struggling Homeowners Many have decided not to press the banks any further, but to carve out the ability to help the mortgage finance industry. We have a very good beginning to help under water buyers to get refinancing. Investigations will continue where ever they can move to an end to illegal foreclosures and pursue secure investigations.
Delaware, for example, will have 45 million dollars to help borrowers. Many people who have been hurt will be receiving some compensation. When a property is foreclosed on both loose. If you can have meaningful modifications. Banks didn't need to be pressed into such a coroner, but many feel it has taken that. Due to the staggering number of foreclosures, banks face having to write down some of the principal. We have to find a way to align the interests of the investor and the borrow. The investor needs to maintain the value of the home and the borrower needs a roof over their heads. We need to reach a place where we have meaningful modifications and measures to stop foreclosures, says Delaware Attorney General Beau Biden. Carrying a strong message that we need to work together to help stop foreclosures, Biden says there are more ways to fix the housing crisis than just lawsuits and settlements.
Banks pay homeowners to sell
HUD press secretary Derrick Plummer said Thursday's big mortgage settlement is intended to make foreclosure the last resort for banks negotiating with seriously delinquent homeowners on their home loans. The mortgage deal will hopefully help many homeowners, who would have otherwise been forced out, to stay in their homes. Up to one million mortgage holders could see the amount of money they owe reduced.
Also as a neighbor of someone facing foreclosure, you will want to see others in the neighborhood be able to keep their home as this helps stabilize home property values in the area. Everyone wins to some extent with each foreclosure that is prevented.
The Sooner You Reach Out The More Options You Have
Home Affordable Modification Program (HAMP):
HAMP lowers your monthly mortgage payment to 31 percent of your verified monthly gross (pre-tax) income to make your payments more affordable. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment. Eighteen percent of HAMP homeowners reduce their payments by $1,000 or more. Click Here for more information.
Principal Reduction Alternative (PRA):
PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home. Click Here for more information.
Second Lien Modification Program (2MP):
If your first mortgage was permanently modified under HAMP SM and you have a second mortgage on the same property, you may be eligible for a modification or principal reduction on your second mortgage under 2MP. Likewise, If you have a home equity loan, HELOC, or some other second lien that is making it difficult for you to keep up with your mortgage payments, learn more about this MHA program.
Home Affordable Refinance Program (HARP):
If you are current on your home mortgage loan and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage.
In today's housing market, many homeowners have experienced a decrease in their home's value. Learn about these MHA programs to address this concern for homeowners. You may already feel stretched and challenged by your circumstances. Home Destination can help you know your rights. By doing so, you can help stop foreclosures that are unnecessary and that are not the best solution for your situation. The FTC’s Mortgage Assistance Relief Services Rule, known as the MARS Rule, bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable. Because the defendants’ mortgage relief ads predated the MARS Rule, the FTC did not allege any violations of that rule in this case.
Help For Homeowners Current On Payments But Underwater
Home Affordable Refinance Program (HARP): If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage.
Principal Reduction Alternative:PRA was designed to help homeowners whose homes are worth significantly less than they owe by encouraging servicers and investors to reduce the amount you owe on your home.
Treasury/FHA Second Lien Program (FHA2LP):
If you have a second mortgage and the mortgage servicer of your first mortgage agrees to participate in FHA Short Refinance, you may qualify to have your second mortgage on the same home reduced or eliminated through FHA2LP. If the servicer of your second mortgage agrees to participate, the total amount of your mortgage debt after the refinance cannot exceed 115% of your home’s current value. You may be eligible to have your second mortgage on the same home reduced or eliminated through the FHA Second Lien Program (FHA2LP). Make an effort to become pre-qualified before you begin to buy. FHA Second Lien Program (FHA2LP)
Home Destination brings your resources on Assistance for Unemployed Homeowners Facing Foreclosure. Take action today!
Home Affordable Unemployment Program (UP):
If you are having a tough time making delinquent home mortgage loan payments because you are unemployed, you may be eligible for UP. UP provides a temporary reduction or suspension of mortgage payments for at least twelve months while you seek re-employment. Read how foreclosures are effecting the unemployed for more information. The Unemployment Program ends Dece3mber 31, 2013. While it is not currently available for homeowners with mortgages held by Fannie Mae and Freddie Mac; both have their own forbearance arrangements for unemployed homeowners. Call Home Destination or contact your mortgage servicer to see if you are eligible. Here is some basic guidance to help you think it through."
You may be eligible for UP if you meet all of the following criteria:
You are unemployed and eligible for unemployment benefits
* You occupy the house as your primary residence
* You have not previously received a HAMPSM modification
* You obtained your mortgage on or before January 1, 2009
* You owe up to $729,750 on your home.
FHA Forbearance for Unemployed Homeowners: Federal Housing Administration (FHA) requirements now require servicers to extend the forbearance period for unemployed homeowners to 12 months. The changes to FHA’s Special Forbearance Program announced in July 2011 require servicers to extend the forbearance period for FHA borrowers who qualify for the program from four months to 12 months and remove upfront hurdles to make it easier for unemployed borrowers to qualify.
Get the foreclosure advice you need as soon as you can!
You can start right now by using one or many of the Mortgage Worksheets Home Destination provides. Read about how to pre qualify for a mortgage, the real estate housing recovery and how mortgages underwater can still refinance. If you or someone you care about is facing difficulty with meeting their home payments or has questions about how to help stop foreclosures, contact Jenna Thuening of Home Destination today at 612-396-7832 and gain the expertise of a seasoned certified distressed property expert (CDPE).
Jenna Thuening, a Certified Distressed Property Expert who is passionate about assisting buyers, sellers and homeowners to help stop foreclosures.
Eden Prairie MN 55334
Jenna's home page: homedestination.com
If I'm out in the field, you may quickly reach me by email: firstname.lastname@example.org and note how I can help you, or leave a message on my voicemail and I will get to you as quickly as possible.