Wednesday, May 18, 2016

Freddie Mac Servicers to refer borrowers to a HUD-approved counseling agency for early delinquency counseling

Today’s Freddie Mac Guide Bulletin 2016-9 announces the following update, among others:

The option for Freddie Mac Servicers to refer borrowers to a HUD-approved counseling agency for early delinquency counseling for Home Possible® mortgages.

Currently, Freddie Mac Servicers may use the services of a nonprofit third-party homeownership counseling agency to conduct counseling when offering early delinquency counseling to borrowers with Home Possible® mortgages, including Home Possible Advantage® mortgages. Additionally, the Freddie Mac Servicer may conduct the counseling provided it has policies and procedures in place to offer the same kind of comprehensive counseling, budgeting and advising as a counseling agency.

Effective October 1, 2016, we are providing Freddie Mac Servicers the additional option to use the services of a HUD-approved nonprofit national counseling agency specified by Freddie Mac, without charge to the Servicer.

Please read Guide Bulletin 2016-9 for more details and for other servicing updates.

For More Information

You don't need to read the bulletin. If you loan is Freddie Mac or not I can provide you with delinquency and default counseling at no charge. I am a certified housing counselor with a non-profit HUD-approved housing counseling agency.  Call me at 615-850-3453. This service is only provided in person at our Nashville office, however, you can call me for a referral and phone evaluation if you live outside the Nashville area. 

Wednesday, May 4, 2016

Making Home Affordable is winding down. Apply for assistance NOW!

Making Home Affordable (MHA) is winding down. The.transition period begins in September 2016 where servicers will no longer be required to follow specific HAMP (Home Affordable Modification Program) requirements. This means that mortgage companies will no longer have to appoint "relationship mangers" to serve clients, there will no longer be a process for "escalating" a file, and homeowners who are underwater or upside down (owe more on their home than what it is worth) can not expect principal reduction.

This does not mean that there will still not be help available for homeowners who are facing default on their mortgage but there will be fewer options and less federal government involvement in the process incentivizing mortgage companies for assisting homeowners.  If anyone is struggling with their mortgage payment and  would like to be evaluated to see if they may be eligible for a modification, they need to act now!

The MHA wind down starts in September 2016 and by December 2016 the program will be over except for cases that are already in process.

Call me for a phone screening. If I think you warrant a more detailed evaluation, I will schedule an appointment and if we determine you may be eligible I will help you make application. I am a certified housing counselor with the Woodbine Community Organization, a HUD-approved housing counseling agency. I am not going to be modest- I am one of the best mortgage default housing counselors in the nation. I know how to put a package together and know how an underwriter thinks in reviewing your application.  Also, I will not waste your time. If there is no hope for you getting modified, I won't waste your time by going through the motions. My services will not cost you anything. Time is running out, call today. Rod Williams 6125-850-3453 (Tennessee only please).