Monday, March 10, 2008

HomeSaver Advance Program for Delinquent Mortgages

A new foreclosure prevention solution was announced where Fannie Mae borrowers can get a small personal loan to try and bring their defaulted mortgage current. This loan is a at a low 5% interest rate, and is set at a 15 year fixed term. The borrower doesn't have to make any payments for the first six months, and the loan is paid directly to the defaulted lender.This program provides up to $15,000 to cover the past due balances for up to six months of delinquent payments plus HOA fees, missed taxes, and short escrow balances. This loan could be very valuable to help prevent foreclosure for borrowers who had temporary short term financial difficulties. For most default borrowers, it would just add an additional payment, to debts they already can't afford.

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