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Fannie Mae releases Homesaver Advance
Another great loan program just announced in March 2008 by Fannie Mae to help our borrowers who are delinquent on their current mortgage. Outline of the product The Homesaver Advance program provides funds to pay past due balances of principal, interest, taxes, insurance (PITI), and up to six months to 12 months of home owner association (HOA) fees. The 12 months is by case by case scenario. The advance requires the borrower to sign a promissory note for the funds, payable over 15 years at a fixed interest rate of 5 percent. No payments are required for the first six months nor does interest accrue during that period so the advance is amortized over 14.5 years. Workout fee paid to servicer is $600. HomeSaver Advance should be available to all Fannie Mae Servicers by April 15, 2008. This should help ease the foreclosure crisis a little bit and provide a bit of peace of mind to the loan servicer's peace of mind. This in my opinion is such a great alternative for borrowers to help prevent setbacks in becoming a foreclosure. Foreclosures can hit you blindsided hard and fast at times and before you know it your 3-4 months behind and desperately try to find a lender to refinance you but sometimes its too late especially with the government programs out there limiting your payment history to only having a max 1x60. I say Kudos to Fannie Mae in providing yet another option to help ease the foreclosure crisis and I look forward to seeing how this loan will work out in the long run.
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This intel was contributed by JustinSMV
JustinSMV
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May, 2012
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