To all our valued customers – New Mortgage Assistance Program
During the tough economic times we are currently facing, we want you to know that The Kristan Cole Team is here to help you or anyone you may know.
If you or someone you know is struggling to keep their home, there is a new mortgage assistance program that will take effect on December 15th, 2008.
To qualify, borrowers would have to be at least three months behind on their home loans and would have to owe 90 percent or more than the home is worth. Investors who do not occupy their homes would be excluded, as would borrowers who have filed for bankruptcy. The interest rate would be reduced so that they would not pay more than 38% of their gross income on housing expenses. Another option is for loans to be extended to 40 years from 30 and for some of the principal to be deferred, interest-free.
Currently, loans owned or packaged by Fannie Mae and Freddie Mac are only available for this assistance program, however, Officials are hopeful this new approach will become a model for other loan servicing companies.
Borrowers should contact their loan servicers and provide monthly gross household income, association dues and fees, and a hardship statement. Qualified borrowers will receive a modification agreement to be returned with the first payment at the modified terms, along with income verification. The modification is complete after a borrower makes three timely monthly payments at the modified terms.
If you or someone you know has fallen behind on their house payments, and they do not fit the above criteria for the new mortgage assistance program, please have them call us as there are other programs out there that we can help with to keep their house from being foreclosed on.
"When you get to the end of your rope,
tie a knot and hang on."
Franklin D. Roosevelt
From all of us at The Kristan Cole Team ~ We’re here to help when you need us!
