We do need some assistance and this looks like a good step. We have a forum section set up on www.InvestSmarter.com and would love to know your thoughts and feedback on this idea and other ways the government can help and be of assistance.
Daily Real Estate News August 1, 2008
Freddie Mac Gives Lenders Reason to Help
Freddie Mac is encouraging loan servicers to work with borrowers by increasing its rewards for successful mortgage workouts.Beginning Aug. 1, Freddie is paying servicers $500 for each repayment plan and $800 for each loan modification on Freddie-owned mortgages. Servicers will receive $2,200 for each short sale.Freddie also will reimburse a servicer up to $15 per mortgage for leaving a door hanger and up to $50 per mortgage for knocking on a door that results in the borrower contacting their servicer.Freddie also will increase the time it gives servicers to negotiate with delinquent borrowers in Washington, D.C., and 20 states with fast foreclosure processes, Freddie Mac said.Source: The Associated Press (07/31/2008)
This can help the Panama City Beach Florida Condo market and many other markets across the country. We need to stop the total downward spiral and look to the future to see what is truely coming out.
For more information on Panama City, Panama City Beach, Destin and Fort Walton Beach Florida please visit us online at www.RandBCoastalRealEstate.com for all of the MLS listing information today!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment