Two of the primary government sponsored entities, Fannie Mae and Freddi Mac, are making an aggressive move to modify hundreds of thousands of mortgages across the United States. Requirements for consideration of relief are 3 part:
- You must occupy your home.
- You must be 90 days delinquent (non intentional, of course)
- You must have a loan-to-value ratio of 90% or greater. To put it more simply, you must have little or no equity in your home.
First thing homeowners must determine is if their loan is guaranteed by Fannie or Freddie. This program does not include the option to write down mortgage balances down to their present market value. If you'd like to be considered for this or other available relief programs, please send me an email to randymiguel@gmail.com.
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