More Help on the Way!

Freddie Mac is encouraging loan servicers to work with borrowers by increasing its rewards for successful mortgage workouts/modifications.  Starting today, Aug 01, Freddie Mac will pay servicers $500 for each repayment plan and $800 for each loan modification on Freddie-owned mortgages. On top of that, loan servicers will receive $2,200 for each short sale from Freddie Mac.

Freddie will also reimburse a servicer up to $15 per mortgage for leaving a door hanger and up to $50 per mortgage for knocking on a door that results in the borrower contacting their servicer.  Freddie also will increase the time it gives servicers to negotiate with delinquent borrowers in Washington, D.C., and 20 states with fast foreclosure processes, Freddie Mac said.

This is all great news for those home owners who are close to facing foreclosures on their homes. 

Linda & Terry Iwaniw
Foreclosure Prevention Consultants
REATOR Associates
RE/MAX Home Team
609-417-1084

Tags: distressed home owners, distressed homes, Foreclosures, mortgages, Real Estate, sheriff's sales, short sales