DID YOU KNOW?????

I want to know who is your INVESTOR? Is is Ginnie Mae, Fannie or Freddie!! This is important to because your investor or should I say the people who has a vested interest in your property. You probably are saying: my mortgage company has a vested interest in my mortgage and you know what that is so true.

But, the investor which is described as the WATCH DOG wants to make sure they get there money plus interest from you (the homeowner). I said that because from my experience working for a mortgage company we had guidelines that the investor had in place. These guidlines were a key factor as to what program would be available for the homeowner.

For example:

If my investor was Fannie Mae and I had a FHA loan and I was at least 3months behind on my mortgage and I had at least $150.00 left after everything is paid including my mortgage. My loan had to be at least a year old. I could qualify for a possible MOD, Partial Claim, or a Provisional SFB.

Now per FHA-HUD guidelines as I was taught while working for the mortgage company; that the loan has to be at least 3months behind in order to qualify for assistance and the home has to be owner occupied, the homeowner must have over came the RFD or should I say the reason for default, and the loan has to be at least a year old. These are just some of the guidelines that we had to follow! V.A. loans has some of the same rules but the home does not have to be owner occupied.

Definitions:

RFD--Reason for default or Why you started running behind.

SFB-- Special Forbearance or Extended Repayment with 3months relief( not available for loans over 12 months past due).

Partial Claim-- Interest Free Loan from HUD( loan must me 4 months delinquent for consideration and can only include up to 12 months in loans during the life of the loan).

Provisional SFB--- Homeowner makes 3 regular payments to show proof that they can afford the property. Then the loan will be evaluated for a possible MOD or Partial Claim to bring loan current if done successfully.

Another Bag That I Got!! Nice RIGHT!