Is there a government plan to forgive non FHA mortgages for 6 months?
by Mortgage Rates on Wednesday, December 1st, 2010 | 5 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
No such plan exists.
No, there is no such plan.
someone is yanking your straps
Geesh, the economy is bad enough as it is, that would be the nail in the coffin.
Nothing is forgiven unless it is a HUD FHA loan modification, which requires the servicing lender to forgive late charges only. Whoever your servicer is, you can request a special forbearance to delay f/c but your back escrows & interest will not be forgiven. Even FHAs HAMP modification is just a principle deferment, not a principle reduction. If you’re backed up financially to the point where a modification will do you no good, you really need to look at doing a short sale.
Hope this helps