Published On: April 23, 2013
Fannie and Freddie’s Home Affordable Refinance Program, scheduled to expire Dec. 31, would be extended to the end of 2015.
“Heads I win, tails you lose” is a fraudulent coin toss. Wells Fargo did no better.”
In April, 2013, the Federal Housing Finance Agency announced that Fannie and Freddie’s Home Affordable Refinance Program, scheduled to expire Dec. 31, would be extended to the end of 2015. This means that homeowners with Fannie Mae- and Freddie Mac-backed mortgages will have another two years to try to refinance their loans.
The basics for eligibility for the program will remain the same:
1) the mortgage must be owned or guaranteed by Fannie or Freddie on or before May 31, 2009.
2) the current loan-to-value ratio must be greater than 80 percent.
3) borrowers must be current on their mortgage payments, with no late payments in the past six months and
4) they cannot have made more than one late payment in the past 12 months.
According to the FHFA web site this program has assisted more than 2 million homeowners in refinancing their mortgages. How many of these borrowers were able to keep their homes after refinancing is unknown, or at least I could not find any statistics on that very important fact.
Diane L. Drain, bankruptcy attorney, retired law professor, mentor and community spokesperson.
We have several videos on our web site.
Below are a few that might be of interest:
- “Lender’s Foreclosure Rights in Arizona”
- “Should I keep my home or let it go into foreclosure?”
- “Meet Ms. Drain and Suggestions on How to Hire an Attorney”
MUSINGS BY DIANE: “To apply for the program, homeowners should first determine if they have a Fannie or Freddie loan. If so, the borrower should contact their existing lender. Homeowners should not use third parties who advertise themselves as “foreclosure specialists or experts”. Many of these companies are in the business to take money for services they fail to perform or that the homeowner can do themselves. Do your homework before hiring anyone to “help” you. Check the Internet, ask for references, check with the Attorney Generals Office in your state.”
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
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You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
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