Mortgage giants to reduce loan balances for struggling homeowners
Mortgage giants to reduce loan balances in South Florida!
“About 50,000 struggling homeowners could be eligible to have their mortgage balances reduced under a new plan to be unveiled by Fannie Mae and Freddie Mac, The Wall Street Journal reports. The plan was approved by the Federal Housing Finance Agency (FHA) and is expected to be formally announced “within the next few weeks.”
Additionally, the article mentions, “The plan is expected to target homeowners who are delinquent on their mortgage payments and who owe more on their home than it is currently worth. Fannie and Freddie also will reportedly forgive the principal only in circumstances where they determine that they would lose less money by doing so than taking other foreclosure-prevention methods.”
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Article by: Jeannie M. Ferrara