"FSBO" or "buying foreclosures"
"Chicago, IL" or "Florida"
Views: 418
Fannie Mae's HomeSaver Advance to Stop Foreclosure
News Release from Fannie Mae. On Feb 27, 2008, Fannie Mae (FNM/NYSE) announced that, as part of its HomeStay initiative to support its mortgage servicers as they provide at-risk borrowers with refinancing and loan workout assistance, it is offering a new option — HomeSaver AdvanceTM.
HomeSaver Advance is designed to help qualified borrowers bring delinquent mortgages current and keep their homes. With HomeSaver Advance, servicers can now offer an unsecured, personal loan that will enable a qualified borrower to cure the payment default on a mortgage loan that Fannie Mae owns or has securitized, with fewer up-front costs and generally in less time.
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