HomeSaver Advance is the latest attempt of the fed. to assist homeowners in default. Basically the program is designed to help homeowners who have fallen behind because of a temporary set back and can otherwise afford/pay for their home. The jist of it is that your current lending institution can provide you with a unsecured loan that will cover any unpaid mortgage payments(arrearages). You will be charged 5% interest over 15 years(not too shabby). This loan can be applied to principle, interest, attorney fees, or anything else associated with your loan. Oh yeah, the loan has to be Fannie Mae owned or securitized in order to qualify for the program. Don't worry, if you got a conventional loan you most likely fit in this box.
To See the full Article click on the title: HomeSaver Advance
Monday, March 10, 2008
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