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Answers (3)
- sunnyview
- Contributions:25139
You can find more information about the recent mortgage settlement that the government reached with the banks here. There is more information about the settlement itself here in the Wall Street Journal.
As a homeowner, you need to know that banks, settlement or not, have 3 years to implement this program. They have been very slow to help homeowners with HAMP or modifications and have cherry picked loans for HARP the other government program. You can find out about your options, but it seems to me based on past performance that banks will not reduce principal balances for homeowners in more than a handful of cases.
Also, I do not think that this settlement applies to govt loans like VA, Fannie or Freddie owned loans. If you need help with your payment or would benefit from a lower payment and your mortgage is held by Fannie or Freddie, your best bet may not be waiting for a principal reduction, but in looking into another program like HARP if you qualify.
As a homeowner, you need to know that banks, settlement or not, have 3 years to implement this program. They have been very slow to help homeowners with HAMP or modifications and have cherry picked loans for HARP the other government program. You can find out about your options, but it seems to me based on past performance that banks will not reduce principal balances for homeowners in more than a handful of cases.
Also, I do not think that this settlement applies to govt loans like VA, Fannie or Freddie owned loans. If you need help with your payment or would benefit from a lower payment and your mortgage is held by Fannie or Freddie, your best bet may not be waiting for a principal reduction, but in looking into another program like HARP if you qualify.
- MARUTHY
- Contributions:2
yes. How can I reduce my underwater mortgage balance.
- Micki O'Toole, "MickiOToole"
- Contributions:15
Maruthy,
I'm afraid your question is somewhat vague. Are you trying to find out what the possibilty of a loan reduction (principle balance reduction )is for your own mortgage?
Micki
I'm afraid your question is somewhat vague. Are you trying to find out what the possibilty of a loan reduction (principle balance reduction )is for your own mortgage?
Micki
Loan Reduction possibilty?
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