For homeowner’s who owe more on their loan than their home is currently worth, yet haven’t been able to refinance previously, there may be hope in the horizon.  In an effort to bolster the economy, President Obama is proposing new legislation under the Federal Housing Administration (FHA).  This new refinance program will allow homeowners to refinance at the current interest rates, which are at an all-time historic low.

“… Responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief,” Obama said in his state of the union address. “And that’s why I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low rates. No more red tape. No more runaround from the banks.”

Well that’s a big sigh of relief for nearly 3 million Americans! 

So the next question is: Is this Right Program Right for You?

To qualify under this new proposed program, there are key factors that must be present.

1) If you owe more than your home is worth

2) You are CURRENT on your monthly mortgage payments

3) You have a mortgage held by Fannie Mae, Freddie Mac or a Private Held Institution that previously did not offer refinance options

This is a great opportunity for qualified homeowners to finally get some relief and taxpayer dollars back from the “bank bailouts”.  Click here to find out more information.

Radio Show: Home Help Radio with Rebecca on KPRZ

Date: 12-03-11

Radio Show: Home Help Radio with Rebecca Austin on KPRZ

Date: 12-03-2011

Radio Show: Home Help Radio with Rebecca Austin

Date: 12-3-2011

Radio Show: Home Help Radio with Rebecca Austin

Date: 12-24-2011

Radio Show: Home Help Radio with Rebecca Austin

Date: 12-24-2011

Radio Show: Home Help Radio with Rebecca Austin on KPRZ

Date: 12-24-2011

Freddie Mac announced Friday an extension in forbearance for unemployed borrowers. Some unemployed homeowners may now receive up to 12 months forbearance.

According to Freddie Mac, almost 10 percent of delinquencies in the GSE’s portfolio are linked to unemployment. With a new directive from the GSE, loan servicers may evaluate and offer up to 6 months of forbearance in payments to unemployed homeowners. Once the 6 months is up, servicers may also be able to offer an additional 6 months of forbearance in certain circumstances, totaling a possible 12 months of forbearance.

“These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies.,” said Tracy Mooney, SVP of single-family servicing and REO at Freddie Mac.

“We believe this will put more families back on track to successful long-term homeownership,” Mooney said.

Servicers may also evaluate borrowers already in an active forbearance plan to consider extending the terms according to the new directive from Freddie Mac.

Schedule a Consultation now to find out if your Mortgage is a Freddie Mac Loan, and to see if you qualify.

In 2009, after the company was placed in conservatorship with the Federal Government, Williams was appointed as CEO of Fannie Mae. Since then, he has made notable strides in rebuilding a stronger book of business for the GSE.

Under Williams’ leadership, Fannie Mae has enabled six million households to refinance into a lower cost mortgage, 1.7 million homeowners to purchase a home, and provided financing for nearly one million units of affordable rental housing.

In addition, the company has built a stronger new book of business. This new book, which consists of loans purchased or guaranteed since January 2009, is nearly 50 percent of the company’s overall book of business.

Through its loss mitigation efforts, nearly one million homeowners have avoided foreclosure, while Fannie Mae has helped to stabilize neighborhoods and reduce credit losses on its legacy (pre-2009) book of business.

Williams joined Fannie Mae in 1991 after tenures with KPMG Peat Marwick and Dupont. He led the company’s eCommerce and eBusiness divisions, including the development of the Desktop Underwriter product, which became a standard for the housing finance industry.

In 2005, prior to the Government taking the GSE into conservatorship, Williams was appointed COO, and was responsible for overseeing the company’s accounting and control reforms and financial restatement.

Williams will remain on board until a successor is appointed, according to a statement made by the GSE.