One of the primary reasons clients come in to see me is because of mortgage burdens rising beyond their financial capacity and despite countless attempts at modifications, no meaningful change.

To that end, there may now be good news available to homeowners as the regulatory agency over Fannie Mae and Freddie Mac, FHFA has issued new guidelines which are less stringent and demanding than prior requirements.  The guidelines are identified as follows:

FHFA indicated that in order to be eligible for a HARP refinance homeowners must meet the following criteria:

  •   The loan must be owned or guaranteed by Fannie Mae or Freddie Mac.
  •   The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  •   The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  •   The current loan-to-value (LTV) ratio must be greater than 80 percent.
  •   The borrower must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.

To review their press release in full see their info at:    

If you need assistance in deciding if modification will help you with your mortgage concerns or a bigger picture perspective on your finances, come in for a FREE CONSULTATION.  Call me at 530 221 2640.  
Here to serve,    
Catherine King    
Redding, CA