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May 24, 2012
Homeowners facing Freddie Mac foreclosures ought to become familiar with programs that can help keep their house or exit gracefully. There are several programs that offer foreclosure assistance, but it's important to become proactive at the first sign of financial distress.
The first step to avoid Freddie Mac foreclosures is to get in touch with your lender. You will have access to more options by opening the line of communication with the bank. Options include refinance, mortgage forbearance, reinstatement, repayment plan, and loan modification.
It's important to become educated about the pros and cons of each option. Homeowners can obtain free housing counseling through community agencies approved by HUD. Housing counselors can review your situation to determine which programs you might qualify for.
October 05, 2011
Fannie Mae loan mortgage programs are available to help people buy affordable houses; alter mortgage terms through refinancing, loan modification, and other options; and avoid foreclosure through alternatives such as short sales or deed in lieu.
Several new Fannie Mae loan mortgage programs have been instituted since the mortgage crisis led to millions of foreclosure. These include: Hardest Hit Fund, Deed-For-Lease, and Fannie Mae Mortgage Help Centers where homeowners can obtain housing counseling to review and apply for mortgage programs.
Hardest Hit Fund is offered in 19 states and aimed at helping homeowners who are experiencing financial hardship due to unemployment or underemployment. Eligibility criteria varies by state, so homeowners will need to spend time learning about what is available in their state.
January 23, 2010
First time home buyer programs provide mortgage assistance and new home buyer tax credits to eligible applicants. Many programs exist for first time home buyers, so it is important to conduct research or consult with a mortgage advisor to determine which programs offer the best incentives and tax breaks.
One of the most prevalent first time home buyer programs is the American Recovery and Reinvestment Act of 2009 which expanded first time home buyers tax credit to $8,000 for housing purchases made prior to December 1, 2009. The first time home owner tax credit was later extended by the Worker, Homeownership and Business Assistance Act of 2009 to individuals who close the home purchase before July 1, 2010.