Loans, Debt & Credit - View Single Post - NEW Fannie Payment Reduction Plan 11/1/09

davephx · 10-21-2009, 10:30 PM

NEW Fannie Payment Reduction Plan 11/1/09

If someone does not qualify for HAMP, as of 11/1/09 the new "Payment Reduction Plan" replaces the previous HomeSaver Forbearance Plan.

Up to six month reduction of pi (not ti) of up to 30% to have time to work out other options. But, this is not as good as the prior plan where could reduce up to 50% of piti.

Includes investment properties and 2nd homes.

OK I am not good at English. What does "no less than six months" mean. I think it means has to be more than six months right? Makes no sense if only those within six months.

The mortgage loan is a first lien conventional mortgage loan originated no less than six months prior to the PRP effective date, as reported by the servicer and upon receipt of first payment.

Details at https://www.efanniemae.com/sf/guides.../2009/0930.pdf

10-21-2009, 10:30 PM	#1 (permalink)
davephx Senior Member Join Date: Jul 2009 Posts: 3,166 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	NEW Fannie Payment Reduction Plan 11/1/09 NEW Fannie Payment Reduction Plan 11/1/09 If someone does not qualify for HAMP, as of 11/1/09 the new "Payment Reduction Plan" replaces the previous HomeSaver Forbearance Plan. Up to six month reduction of pi (not ti) of up to 30% to have time to work out other options. But, this is not as good as the prior plan where could reduce up to 50% of piti. Includes investment properties and 2nd homes. OK I am not good at English. What does "no less than six months" mean. I think it means has to be more than six months right? Makes no sense if only those within six months. The mortgage loan is a first lien conventional mortgage loan originated no less than six months prior to the PRP effective date, as reported by the servicer and upon receipt of first payment. Details at https://www.efanniemae.com/sf/guides.../2009/0930.pdf