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On March 4, 2009, the Making Home Affordable Modification Guidelines were released for modification of First Leins. Loans that are owned or serviced by either Fannie Mae or Freddie Mac would be eligible. Fannie Mae Lookup Tool allows borrowers to determine if their loan is owned or serviced by Fannie Mae or Freddie Mac. You may also call your mortgage company to find out if you loan is owned by Fannie Mae or Freddie Mac.
The Obama Plan has a Modification Payment Evaluator for MHA Workout. This handy calculator gives an estimate of your new first mortgage payment with a Home Affordable Modification. Also, the Modification Eligability for MHA Workout sheet is five questions to determine if you are eligible for a Home Affordable Modification. On April 28, 2009, the US Treasury MHA Second Lein Program (Home Equity Loans and Lines of Credit) was announced, providing financial incentives from the US Treasury for institutions and investors who modify their loans. Details are found on the fact sheet for the Second Lein Program.
Should you not be eligible for the Obama Plan, there are several other individual lender programs which may be available on my Loan Mod Programs Page.
Avoid Scams by working with a California Department of Real Estate Licensed Broker who has received a “no objection” letter allowing them to collect an Advance Fee.
Check the CA Real Estate License Status page to search for the licensee by name or number. Also, don’t give a licensed real estate person any advance fee unless you have signed an Advance Fee Agreement and you have verified they are listed on the Dept of Real Estate, Advance Fee Listing page. These two steps will help to ensure that you are working with a licensed person who is regulated by the Dept of Real Estate.
Serving the San Fernando Valley including Northridge, Granada Hills, Burbank, Glendale, Simi Valley, Chatsworth, Burbank, Van Nuys, Pacoima, Arleta, Panorama City, Lake Balboa, Winnetka, West Hills, Woodland Hills, Sylmar, Reseda, Sherman Oaks, Encino and Tarzana. Los Angeles Area including West Los Angeles, Beverly Hills, Hollywood, Santa Monica, Brentwood, Bel Air, and North Hollywood. |
