The Fannie Mae Payment Reduction Plan.


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If you are interested in getting a loan modification to stop a foreclosure, or just to lower your mortgage payments, please visit my website at: We offer solutions that help the Buyer, Seller, and Real Estate Agent.

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The Fannie Mae Payment Reduction Plan.

  1. 1. ==== ====To guarantee you get your mortgage reduced; or stop a foreclosure; check out this site: ====In a recent policy change Fannie Mae canceled a program called the HomeSaver Forebearance.The HomeSaver Forebearance program was designed to help people recover from a "speedbump" in life. It cut a homeowners house payment by 50% for up to six months. The new PaymentReduction Plan is meant to replace this canceled program.How does this program help me?If you are having a tough spell due to a job loss, illness, divorce or other temporary setback thisprogram can help you get back on your feet. Under this program you can get the principle andinterest portion of your house payment lowered by as much as 30% for up to six months. Duringthis time your lender will work closely with you to see if a more permanent solution can be created.However, there are a few things you need to know.The most important thing is that you are only eligible for the Payment Reduction Plan if you aredetermined to be ineligible for Fannie Maes Home Affordable Modification Program (H.A.M.P.). Ifyou decide that the Payment Reduction Plan is ideal for your situation you will have to haveapplied, and been rejected, for the H.A.M.P. first. Dont worry though, it is well worth the effort. TheH.A.M.P. is by far the best foreclosure prevention program out there so if you qualify for it you willbe happy!The other thing you need to know about the Payment Reduction Plan is that your current loanmust already be owned by Fannie Mae to be eligible. As you try to save your home it is imperativethat you find out who owns your loan since this determines what programs are available to you.This will be the single, most helpful step you will take during your quest to save your house fromforeclosure. Important - Who you mail your payments to is your servicer, not who owns your loan!Who should I contact?Only your servicer can do this program. Your servicer is the company you mail your monthlymortgage payments to. Get out your monthly mortgage statement and call the customer servicenumber on it. Ask to apply for the Payment Reduction Plan. It is often their "loss mitigation"department that handles these types of programs so they might transfer your call there. Just soyou are aware, it is the law that they participate in the program!What should I expect?Be prepared to be persistent. Since this program can only be done by your servicer you are relyingon the knowledge of the person that answers the phone. If they dont know what the PaymentReduction Plan is ask to speak to a supervisor. You might have to remind them that it is a new
  2. 2. program. Once you have the right person be prepared to explain the situation and how it willchange for the better. You will probably be asked to provide some personal financial documentsand an explanation, or "hardship" letter.Need to find out who owns your loan? The website[] will answer that question and more.Over recent months many Government and private programs have been developed to lowermortgage payments yet most homeowners dont know how to find them. This site has done all theresearch saving a homeowner weeks of confusion and phone calls. On this site a homeowneranswers 3 simple questions to learn:* Which programs are available to them.* Who to contact.* What to expect.The site is also free to use.Permalink []Article Source: ====To guarantee you get your mortgage reduced; or stop a foreclosure; check out this site: ====