Fannie Mae launches unique foreclosure avoidance plan


Fannie Mae launches distinctive foreclosure deterrence strategyfrom Federal government Refinance AssistanceAdditionally to the HAMP and HARP and HAFA foreclosure deterrence programs provided through the federal federal government, Fannie Mae released its own plan just lately for the millions of loans they back. We obtain this from a recent HousingWire article on the topic:    Fannie Mae introduced its version of the Creating Home Affordable Foreclosure Alternatives (HAFA) plan Tuesday, implementing the program for all conventional mortgages that are held in Fannie’s portfolio, which are component of an mortgage-backed security (MBS) pool with a distinctive servicing option, or which are component of a shared-risk MBS pool for which Fannie Mae markets the acquired property. Something that we need for nevada foreclosure help

    The Fannie Mae program takes effect August 1, 2010 and is created to mitigate the impact of foreclosures on borrowers who are eligible for a home loan modification under the Residence Affordable Modification Plan (HAMP) but were defeated in obtaining one, Fannie said. Such as the Treasury Department’s HAFA program, servicers can’t consider a borrower for HAFA before borrower is examined and removed from eligibility for any Creating House Affordable Modification Program (HAMP) workout strategy.    Also like the Treasury plan, Fannie Mae could offer servicers cash incentives for completed HAFA transactions, $2,200 for short sales and $1,200 for deed-in-lieu of foreclosure agreements. Borrowers are also entitled for $3,000 in incentives.    That’s more than in the Treasury’s HAFA program, where servicers are entitled for $1,000 and also the borrower gets $1,500. Within the Treasury HAFA, the investor is also suitable for any $1,000 incentive. …   

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After announcing the plan in Oct 2009, Treasury’s HAFA plan began in Apr. The Fannie Mae HAFA plan is the latest in a string of programs created to assist borrowers avoid foreclosure. Additionally to HAFA and HAMP workouts, Fannie Mae is letting some distressed borrowers stay in their houses as renters, under the deed for lease (D4L) plan.    Under D4L, the homeowner-turned-renter is needed to pay fair market rent to stay in their residence for up to twelve months. The renter should have enough earnings to sustain a 31% income-to-rent ratio and rental payments are not subsidized by Fannie Mae, but might consist of renters suitable for Section 8 payments.    Also, in March 2010, Fannie Mae instructed its servicers to consider an “alternative modifications” for all house loans that did not qualify for any permanent conversion below HAMP. That “Alt Mod” plan, which sunsets on August 31, this year, is similar to HAFA.Something that we need for nevada mortgage help