FREDDIE MAC GOES DOOR TO DOOR To Sell Loan Modifications to Distressed Homeowners!
FREDDIE MAC GOES DOOR TO DOOR To Sell Loan Modifications to Distressed Homeowners!
MAJORITY OF HOMEOWNERS IN TROUBLE HAVE YET TO ASK FORBEARANCE FROM THEIR LENDERS!
Under the Obama Administration’s Making Home Affordable Loan Modification Program borrowers having difficulty paying their monthly house payments were invited to contact their lenders and set up a Loan Modification Program. Such a modification could reduce their interest rate and cut their payments.
Thus far in 2009 however according to Patrick Carey of Titanium Holdings a SC-Based Company retained by National Mortgage Investor and Guarantor Freddie Mac to help with their Loan Modification Outreach Program greater than half of severely distressed homeowners – those at least three months behind in their mortgage payments – have yet to request Loan Modification Program Information.
Freddie Mac hopes to make a dent in that number however by using Titanium to knock on the doors of those not responding to lenders’ Loan Modification Solicitations and attempting to persuade them to apply for the program. Mary Ellen Podmolik reported on the new Freddie Mac Program in The Chicago Tribune on October 9th.
Current program guidelines could allow for re-casting up to 125% of the home’s current market value into a new home loan at a lower interest rate and with more affordable monthly payments. Rarely is the actual principal balance reduced. However the interest rate reduction could result in a several hundred dollar savings for the borrower each month if they qualify based on their current job overall outstanding debt assets and FICO Credit Score.
To alleviate fears among homeowners reluctant to trust a stranger knocking on their door and wanting to discuss their home loan status Freddie Mac and Titanium will first mail a notification letter to homeowners the Titanium rep plans to visit. They will also be armed with specific loan information only their lender would really know – like current interest rate and timely principal balance.
And most importantly the door-to-door reps would not charge any fees for the modification program. The government Making Home Affordable Program is free while scammers charge.
DEAN MOSS & DEAN’S TEAM CHICAGO
