This week’s C.A.R. Mortgage Update contains information Freddie Mac, curbing foreclosures, credit unions, and financial roadblocks to home ownership.
The Federal Reserve recently announced it will seek to renegotiate mortgages it owns that might otherwise enter foreclosure, according to Federal Reserve Chairman Ben S. Bernanke. Under the program, the Fed could reduce what a homeowner owes on a mortgage; lower the interest rate; lengthen the term of a loan; or take other steps to prevent a loan from defaulting.
The Federal Reserve’s program will focus on reducing the amount of principal owed by those at risk of foreclosure, especially those with loan balances exceeding 125 percent of the estimated value of their property. It is unclear how many homeowners could benefit from the program, and most individual borrowers will likely not know if their mortgages are owned by the Federal Reserve. If eligible for a loan modification, the homeowner would work with mortgage servicer and not the government directly.
For any questions concerning your real estate situations feel free to give us a call and we can put you in touch with professionals to help you through this tough time. Kathy Dyer 831-717-7047
Kathy Dyer Realtor CABRE #01723710
KW Coastal Estates
Carmel Ca. 93923