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Gilbert Homes Mortgage Borrowers to Get Reduced Payments

stay in your gilbert home

The start of July marked the beginning of relief for thousands of people who have been struggling to pay their  mortgage. Borrows of Gilbert Homes mortgages could get help getting back on track with their loan payments and save money in the process. Troy Reeves with the Troy Reeves Team has seen many homeowners able to recover from late mortgage payments already – making it easier to stay current with their loan or sell their Gilbert Homes properties and buy new. Learn about the new efforts to help homeowners who are struggling because they are behind on their mortgage payments of Gilbert Homes.

 

How Gilbert Homes Borrowers Are Getting Help

A new program known as Streamlined Modification Initiative is helping borrowers who have mortgaged backed by Fannie Mae and Freddie Mac. This program is intended to help borrowers of Gilbert Homes and other nationwide wide homes mortgages who are at least 90 days behind on their loan payments. The loan must be at least 1 year old and the borrower cannot be more than 2 years behind on payments.

 

These borrowers will behind to receive offers from lenders that will help to lower their mortgage payments. The Federal Housing Finance Agency, or FHFA, is the agency that oversees Fannie Mae and Freddie Mac – they have yet to release how many homeowners will receive mortgage payment modification offers, but the number is expected to be in the hundreds of thousands. Currently, around 1.1 million people are behind on their mortgage loans nationwide.

 

Why This is Better for Gilbert Homes Borrowers Than Programs of the Past

This process is set up to be easier for homeowners than previous programs set to help borrowers keep their homes. Unlike other similar efforts, this program will bypass filing any financial paperwork by the homeowners. Gilbert Homes borrowers and others from around the nation will get a three month trial period for the new payment until it becomes permanent.

 

Lenders will begin to lower monthly payments by extending the Gilbert Homes mortgage loan terms or reduce the interest rates. This program could equate to big savings for people who have high rate loans or those who haven’t qualified for refinancing to lower rates.

 

“by Troy Reeves” at Google

Fannie Mae and Freddie Mac To Overhaul Short Sale Process

New Fannie and Freddie Short Sale ProcessBreaking news in the real estate community. This week Gabrielle Harrison the VP of REO sales for Fannie Mae, and Ingrid Beckles the Default Asset Manager at Freddie Mac announced an overhaul to the short sale process at the two companies.

A crowded room at the 5 Star Conference this week erupted as Gabriele Harrison announced that Fannie Mae will be using asset management companies to handle their companies short sale requests in the future. Fannie Mae, the single biggest player in the mortgage market, will be informing clients that they will need to work with asset management companies when “short selling” their property.

An asset management company acts as a middle man between the banks that own the mortgage and the client that is trying to short sale the property. Asset management companies are already big players in the Foreclosure market, but up until now have not worked with short sale properties. The change that Fannie Mae and Freddie Mac are making should have some positive effects. Because most major banks use them for their foreclosed on properties, making the shift to Short Sale homes should be fairly straightforward. Using one company for all short sales will also streamline the process and speed up the time it takes for a client to short sale their house.

However, the new process is not great news for everyone. Since the housing collapse in late 2006 real estate agents have struggled to stay afloat, many agents have turned to short sales and working with distressed properties to help them stay afloat during the down market. When Fannie and Freddie start working exclusively with the asset management companies they will essentially be cutting out these agents. Fannie and Freddie currently own roughly half of the mortgages in America, if other big banks follow the lead small real estate agents will be all but cut out of the picture.

Details on the short sale process are still to come. We have put in calls to Mrs. Harrison (Fannie Mae) and Mrs. Beckles (Freddie Mac) however they were both unavailable for comment. We will keep you up to date on all the new developments as they come. We are still doing research but thought this information was worth sharing even in its primitive state.

Gilbert Days Parade is Back!

On August 27th we regrettably posted that the Gilbert Days Parade would be canceled for the first time in its 3 decade history. However, increased funds in the form of parade sponsorships, and decreased costs allowed the long standing tradition to continue.

There are some major changes that participants and attendees of the parade should be aware of. To cut down on parade costs, the distance the parade travels has been cut in half. The parade will now start out on Guadalupe road and run to Hackmore Street. Because of the shorter distance money will be saved on police monitoring, road blocks and trash containers. Also paved school district lots will be used to stage parade participants instead of the dirt that was used previously. This will cut down on costly dust mitigation.

The Gilbert Town Council voted last night 7-0 to put the parade back on due to the new funding received by the parade committee. The next hurdle is getting word out that the parade is still on. So tell your friends and enter your business to be in the parade for only 250$ this Nov 14th!

“Your Way Home” Offers 22% Purchase Assistance

The Arizona Department of Housing (ADOH) has recently announced a plan it hopes will reduce the number of foreclosures on the market in Arizona.  The program has not generated much buzz yet, however word is spreading and it is set to help many area residents.

The “Your Way Home AZ” program will offer 22 percent in purchase assistance to qualified home buyers. The program has been tested in smaller counties since may, however it is set to go online statewide in July. The program provides purchasing assistance by offering a deferred second loan to qualified home buyers.

Qualifications for assistance:

1.) Household must have a gross income of no more than 120 percent of the average median income for the county wish to purchase in.

2.) If you own a residence, you must be leasing your primary residence one year before applying for the program.

3.) Your lender must be chosen from the ADOH participating lender list.

4.) An 8 hour Homebuyer Education Class must be completed.

5.) The Property purchased must be your primary residence.

6.) Your debt to income must be 31/43 or better.

7.) Two months PITI reserves are required.

8.) You must be AUS approved eligible.

If you are interested in qualifing for the “Your Way Home” program contact the Reeves Team today.  You can browse Unclaimed homes here.

Will the new housing plan help with my potential foreclosure?

President Barack Obama will be in Mesa Arizona today to discuss his new program to help homeowners. Reading the White House Blog this program may raise more questions than it answers. This is a summary of some vital information from the White House Blog, to read the full blog post you can go here.

One of the primary objectives of the plan is to provide an easier way for homeowners to refinance their loans if they have a Fannie Mae or Freddie Mac loan. To qualify for this refinance program your current first loan on your home cannot exceed 105% of the current market value. Looking at the local Mesa housing market that program will provide little help as most home buyers who purchased their homes between 2004 and 2007 are the ones who need the most help and most of them will owe well over the 105%. If you are current on your payments and you do owe less than 105% of your homes value there may be a good chance to refinance your loan in the current months to a lower interest rate.

If you are currently at a risk of foreclosure you probably will not qualify for the above program and may be wondering what is in the plan to help you and your situation? The government will be providing mortgage lenders with “financial incentives” to modify existing first mortgages. While there will be incentives, there will not be any mandatory obligations for the lenders to work with the homeowners so you will need to check with your lender about your situation. Banks will be smart to work with homeowners as it is in their best interest to keep you in your home, keeping a payment coming in and keeping your home off the foreclosure market which will help home values recover more quickly. But there are no guarantees.

To qualify for a payment reduction you will need to live in the home as your primary residency, your mortgage payment must be greater than 31% of your gross monthly income and your loan must not exceed current Fannie Mae and Freddie Mac loan limits. If you owe more than your home is worth and are facing foreclosure it will be up the lender if they want to work with you in restructuring your loan or not.

For even more information check out the White House Blog on this subject and the Presidents speech in which he will be delivering today. As always, when more information or details become available we will provide you with details on this space.