Foreclosure Prevention Act of 2008
Last April the Senate proposed legislation to prevent foreclosure from happening so quickly. Here are some benefits of the Act: FHA Modernization – Ensures that more families can access the FHA program which provides safe, fixed-rate mortgages. The FHA loan limit under this bill is increased from 95% to 100% of median home prices with [...]
Foreclosure Loss Mitigation Departments
If you may go into foreclosure, try avoiding foreclosure by contacting the mortgage lenders’ loss mitigation department. Here’s contact information for Loss Mitigation Departments Ameriquest 800-211-6926 Accredited 877-273-4599 Aurora Loan Servicing 866-521-3828 Avelo Mortgage LLC 866-992-8356 Bank of America 716-635-2982 BB&T Mortgage 800-827-3722 Central Pacific Bank 800-342-8422 Charter One Mortgage 800-234-6002 Chase Home Finance 800-848-9136 [...]
Ways to Reduce Your Mortgage
If you feel that you may lose your home, you should look at reducing your mortgage payments by exploring these options: -Ask the mortgage lender or bank to change your terms. Some can pay weekly, bi-weekly or bi-monthly payments, although you must get clarification from your bank. -Refinance your loan. Try to stretch your mortgage [...]
