Posts Tagged ‘loan modifications’

New Borrower Web Site Available ~ KnowYourOptions.com

August 9, 2010

 

Fannie Mae has launched KnowYourOptions.com, a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.

The online resource, which offers reliable and easy-to-understand information in both English and Spanish, expands on Fannie Mae’s ongoing efforts to help struggling borrowers find alternatives to foreclosure. Key features of KnowYourOptions.com include:

  • an interactive Options Finder to help homeowners identify options that might be right for their situation;
  • calculators to help borrowers understand how many of the options work, including refinance, repayment, forbearance, and modification;
  • videos featuring real homeowners discussing how they received help and housing counselors providing advice;
  • a virtual assistant to walk homeowners through key areas of the site; and
  • next steps and helpful forms, including a financial checklist and contact log to help borrowers be prepared when contacting their mortgage company or housing counselor.

KnowYourOptions.com provides homeowners who are having trouble paying or recognize they can no longer afford their mortgages with detailed information on

  • refinancing, 
  • repayment plans, 
  • forbearance, 
  • loan modifications, 
  • Deed-for-Lease™,
  • short sales, 
  • deeds-in-lieu; and more.

Check out KnowYourOptions.com today!

Foreclosure Cancellations Continue to Climb

May 12, 2010

Short sales and loan modifications are not the only explanation

Discovery Bay, CA, May 11, 2010 ~ ForeclosureRadar (www.foreclosureradar.com), the only website that tracks every California foreclosure and provides daily auction updates, issued its monthly California Foreclosure Report for April 2010. Foreclosure filings were down in April for the first time since the beginning of the year. Despite the decline in filings, the inventory of properties in preforeclosure or scheduled for sale only dipped slightly as the drop in filings were offset by an increase in the time to foreclose. Cancellations continue to climb, up more than 32 percent from the beginning of the year. The number of properties sold to 3rd parties also continues to climb, helped again this month by slightly better discounts.
 
“The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “I’d caution, however, that cancellations also occur due to filing errors and extended postponements, which require the Notice of Trustee Sale to be re-filed. In fact, 14.6 percent of new Notice of Trustee filings in April were on previously cancelled foreclosures.”
 
Click here for the full April 2010 Foreclosure Report.