What Our Customers Should Know:
The Homeowner Affordability and Stability Plan has two specific components: Refinance Program
This program is for homeowners who are being negatively impacted by falling home prices and have their mortgages owned or securitized by Fannie Mae and Freddie Mac. For example, this would include homeowners who make their monthly payments, but have seen their property values fall dramatically and are now unable to take advantage of lower mortgage rates by refinancing. This is referred to as a ‘loan-to-value’ problem.
Bremer Bank will work with any client to determine if they qualify for refinancing. This may include a discussion to determine whether a client is eligible to participate in the Homeowner Affordability and Stability refinance plan. Loan Modification Program
This program is for homeowners whose debt is greater than their income and are struggling to make their mortgage payments. This is referred to as a ‘debt-to-income’ problem.
Bremer Bank will work with borrowers of first mortgage loans that Bremer services or that were sold to other investors (including Fannie Mae and Freddie Mac) to determine eligibility to modify their loan under the new program Resources
Additional information on the Homeowner Affordability and Stability Plan is available at www.financialstability.gov or www.makinghomeaffordable.gov. Borrowers can contact Fannie Mae and Freddie Mac to determine if their current loan is owned by either of these agencies. o Fannie Mae: 1-800-7FANNIE (7 am-7 pm) o Freddie Mac: 1-800-FREDDIE (7 am-7 pm) For refinancing or loan modification questions, clients should contact: Your local Bremer mortgage loan originator. |