The story begins with a 50-year-old single woman in Middlesex County Massachusetts she bought a piece of property in 2003 and was able to make all her mortgage payments on time with no difficulties. Suddenly she loses her job and her elderly parents become extremely sick and needed extensive daily medical assistance. Now her mortgage payment was not as easy to make because she wasn’t working as much. This went on for several years. She was behind for a substantial amount of time 63 months (OVER FIVE YEARS) to be exact.
On Thursday a widespread principal reduction plan was announced by the Federal Housing Finance Agency. (FHFA)
FHFA announced pans that will lower mortgage balances on as many as 33,0000 homeowners that are seriously delinquent and severely underwater. Also new rules were announced to investors that are looking to buy non-performing loans from Fannie Mae and Freddie Mac.
These new rules are considered “further enhancements” to the NPL buyer requirements it announced just over a 12 months ago.
OFFER IN COMPROMISE-Freedom from the IRS
Offer in Compromise (or OIC) program is an internal IRS program which allows any qualified individual or business with an unpaid tax liability to settle their outstanding obligation for an amount MUCH less than what the actual balance is. It will 100% clear up the liability and you will owe NOTHING to the Internal Revenue Service. Can you imagine that the IRS settled for pennies on the DOLLARS. I have seen it; I have done it.
- 55,687 homeowners received permanent, proprietary loan modifications in July compared to 50,283 in June, an increase of 11 percent.
- Of proprietary loan modifications that were completed, 80 percent (44,413) included reduced monthly principal and interest payments with 60 percent (33,302) receiving a reduction of more than 10 percent.