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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Mortgage Assistance Available in Wake of Hurricane Matthew

October 12, 2016 12:48 am


Homeowners with mortgage loans owned or guaranteed through Fannie Mae or Freddie Mac who have been impacted by Hurricane Matthew may be granted a forbearance period for their mortgage payments, the two enterprises recently announced.

“We understand that many families and communities are hurting as they deal with the damage caused by Hurricane Matthew,” said Malloy Evans, vice president of Servicing at Fannie Mae, in a statement. “Fannie Mae and our servicers stand with homeowners who have been impacted by these extremely challenging conditions. We are working with our servicers to ensure assistance is offered to borrowers and communities in need. Our thoughts are with all of those who have been impacted.”

“We strongly encourage the many American families whose homes or businesses are being impacted by Hurricane Matthew to call their mortgage servicer once the Federal Emergency Management Agency's [FEMA] declaration is announced,” said Yvette Gilmore, vice president of Single-Family Servicer Performance Management at Freddie Mac, in a statement. “Relief—including forbearance on mortgage payments for up to one year—may be available if their mortgage is owned or guaranteed by Freddie Mac."

Fannie Mae’s guidelines permit mortgage servicers to grant forbearance “to any borrower they believe has been affected by this natural disaster,” according to the statement, or “to delay foreclosures sales and other legal proceedings in these areas.” The forbearance period is up to 90 days initially (if the homeowner is out of reach due to the disaster), and up to six months after contact has been made.

Similarly, Freddie Mac’s guidelines allow “suspending foreclosures by providing forbearance for up to 12 months, waiving assessments of penalties or late fees against borrowers with disaster-damaged homes, and not reporting forbearance or delinquencies caused by the disaster to the nation’s credit bureaus.”

Homeowners should contact their mortgage servicer as soon as possible to assess options.

Sources: Fannie Mae, Freddie Mac
 

Published with permission from RISMedia.


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3 No-Fail Tips to Save Money

October 11, 2016 12:45 am


If you want to build the emergency fund you know you need to have—but find yourself living from paycheck to paycheck without saving a dime—it’s time to put a no-fail savings plan in place. Here are three tips to get started, courtesy of The Motley Fool:

1. Strictly Track Spending – You may think you know where your money goes each month, but chances are you have no real idea about how much is slipping through the cracks. For at least one month, list every penny you spend, from rent and utilities to your morning coffee, those hard-to-get concert tickets and the pair of shoes you found at half-price. Take a hard look at your spending and figure out exactly where you can cut out or cut back—and do it!

2. Pay Yourself First – You can’t spend what you don’t have, so sign up for an automatic savings plan so that a set portion of every paycheck goes automatically into savings before you can spend it. Once you’ve saved enough to cover three to six months of living expenses, focus on starting to contribute—or contributing more to—your employer’s 401(k) plan, if offered.

3. Help Resist Temptation – Impulse purchases can derail anyone’s saving efforts. Avoid sales unless there is something you really need, or stay focused only on what you came to shop for. Take only enough cash for what you need to buy—leave your credit card at home. It’s discipline that counts!
 

Published with permission from RISMedia.


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