Following on and expanding yesterday's comments, additional lenders have announced suspension of mortgage payments by borrowers and foreclosure proceedings in the Gulf area affected by the massive BP oil spill. B of A and Wells Fargo announced disaster relief programs for their borrowers. In B of A's case the relief is a forbearance from making mortgage payments on home loans for up to 90 days. Their program is one, they noted, similar to others they have instituted after other various disasters such as Hurricane Katrina. In the case of Wells Fargo, the bank is suspending foreclosure proceedings for home owners adversely affected by the oil spill disaster.
Further also to yesterday's commentary, I must correct an error. I said Freddie Mac was developing a program to assist those homeowners adversely affected by the spill and its effects. Actually, that was Fannie Mae. However, if your loan is held or guaranteed by Freddie, today's news covers you. According to Ingrid Beckles, Sr. Vice President of Freddie Mac, they are commencing a program of forbearance in making mortgage payments for any homeowner negatively affected by the spill in the Gulf area. While typical Freddie programs of this nature provide for suspension of payments entirely for up to three months or reduction in the payment amount for up to six months, Beckles noted that in this case, based on individual situations, Freddie may grant forbearance of some form for up to a full year. Gulf Homeowners: CALL YOUR LENDER--NOW!!
Good Luck!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment