Скачать или смотреть Fannie Principle Reductions Rocklin Short Sale Agent and Default Advocate Mike Rigley

http://www.shortsaleandloanmod.info Rocklin Short Sale Agent and Default Advocate Mike Rigley brings you the latest Rocklin short sale information. Today he discusses Fannie & Feddie Principle Reductions

Looking for Rocklin short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us. Today let's talk about Proposed Legislation to force Fannie & Freddie Principle Reductions

A bipartisan bill introduced in the House of Representatives Friday would require regulators to craft principal reduction programs for government-backed mortgages.

Reps. Gary Peters, D-Mich., John Campbell, R-Calif., and Keith Ellison, D-Minn. sponsored the Preserving American Homeownership Act of 2012. More than 11 million borrowers owe more on their mortgage than their house is worth.

The bill directs the Federal Housing Finance Agency and the Department of Housing and Urban Development to develop pilot programs that allow write-downs on Fannie Mae, Freddie Mac and Federal Housing Administration loans.

Mortgage servicers would reduce enough principal to get the borrower down to a 115% loan-to-value ratio, according to the bill. If the homeowner stays current for three years, the servicer can make additional reductions to a 95% LTV, bringing the borrower back to positive equity.

Now the bill would require borrowers to share up to 50% of any appreciation in value with the GSE or FHA if the home is sold or refinanced.

Net present value tests must show an eligible borrower for such a program would be in such danger of foreclosure or so deeply underwater that other modifications and even forbearance aren't enough.

The FHFA continues to analyze allowing the GSEs to participate in an expanded HAMP option for principal reduction. The savings, early analysis found, could be easily offset by borrowers who strategically default to take advantage when they otherwise could have remained current on the loans.

Some servicers like Ocwen Financial began shared-appreciation programs, but others may need months to develop the ability to handle such modifications.

Realistically, passing the bill is a long shot for a gridlocked Congress. Republicans in control of the House long supported FHFA Acting Director DeMarco and his resistance to principal reduction. Peters and Campbell introduced a bill reforming Fannie and Freddie entirely last year, but the bill has not been taken up. We'll take a wait and see position and update you as soon as we learn more.

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If you are a homeowner who has missed payments, possibly facing foreclosure, owe more than your home is worth or are just looking for short sale information, please contact Mike Rigley, Short Sale Specialist and Default Advocate at 888-317-9376 or [email protected] for a free no obligation confidential consultation and receive the latest information on your options to avoid foreclosure and the benefits of a short sale.

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Consistently ranked as one of Northern California's top Short Sale Agents and Specialist, Mike Rigley is one of the areas premiere Certified Default Advocates. With his strong focus on assisting homeowners in need, Mike offers a straightforward no nonsense consultation designed to give you all the information and facts to enable you to make the best decision for you and your family. As every situation is different, Mike offers his insight and knowledge of the default process and all the options available to you to avoid foreclosure. Mikes experience of representing both homeowners in distress avoid foreclosure and his insider knowledge of the default process makes' Mikes experience unique. Trained and personally coached by the former Chief Loss Mitigator of IndyMac bank, Mike understands what the banks are looking for and how best to assist you in your time of need. Call Mike today toll free at 888-317-9376 for your free consultation and sleep better tonight